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Europe Filament LED Bulb Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

Europe Filament LED Bulb Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

  • August 2021
  • 83 pages
  • ID: 6134285
  • Format: PDF
  • The Insight Partners

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The filament LED bulb market in Europe is expected to grow from US$ 309.98 million in 2021 to US$ 1,375.83 million by 2028; it is estimated to register a CAGR of 23.7% from 2021 to 2028.

A surge in the number of commercial and residential construction projects is bolstering the growth of the industry.Many countries are seeing an increase in home renovation and remodeling activities, which can be linked to increased government support, particularly in industrialized countries.

In Europe, e.g., the National Energy Efficiency Action Plan (NEEAP) aims to encourage investments in the maintenance and refurbishment of residential and commercial spaces. Rise in consumer income levels, changes in lifestyles, and embrace of diverse cultures in terms of interior decor are contributing to this transition. Consumers’ desire to spend a significant amount on styling living spaces has drawn their attention to home furnishings such as carpets and rugs, as well as advanced lighting systems, which improve the aesthetic appeal of interiors. Regular government initiatives to promote building own houses, especially in developing countries, are also fueling the demand for filament LED bulbs for residential use. Thus, the aforementioned government initiatives are contributing to the rise in commercial and residential construction projects, thereby creating the demand for filament LED bulbs and contributing to its market growth.

As several European countries were in lockdown, the adoption of filament LED bulbs was hampered.Russia, the UK, France, Italy, Spain, and Germany are among the worst-affected member states due to the COVID-19 outbreak in Europe.

Businesses in the region faced severe economic difficulties as they had to suspend their operations or substantially reduce their activities.Due to business lockdowns, travel bans, and supply chain disruptions, the region experienced an economic slowdown in 2020 and continued in 2021.

COVID-19 first manifested itself in Europe as a “supply-side” shock, as Chinese producers cut their exports dramatically.This impact is expected to continue in the coming weeks.

However, following an extraordinary downturn in March and April (-25.5% in the EU), construction output rose dynamically in May 2020 (21.8%) and continued to rise, though at a slower pace; by January 2021, construction output had recovered 97.9% of its pre-crisis level of February 2020. The filament LED bulb market in Russia, Italy, Germany, UK, and France is anticipated to decrease until mid-2021.

The residential segment led the filament LED bulb market, based on application, in 2020.The Department of Energy (DoE) of the US has assessed the lighting applications such as FTL, CFL, and LED amongst others, where LED technology saves the most energy.

This study by the government body led to the widespread adoption of LED lamps in homes.Across the residential sector, filament LED bulbs are used in various decorative items such as integrated chandeliers, single head pendants, wall sconce, lantern, and cove luminaire products, as well as bullet, candle, flare, globe, and any other decorative lamp shapes.

The rising government initiatives to promote the development of the residential sector, coupled with increasing spending capacity of individuals, are contributing to the growth of the residential segment in the filament LED bulb market.

The overall filament LED bulb market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the filament LED bulb market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the filament LED bulb market. Havells India Ltd; MEGAMAN; Feilo Sylvania Europe Limited; UKLED; Verbatim Americas LLC; OSRAM GmbH; Signify Holding (Philips); Seoul Semiconductor Co., Ltd.; Crompton Lamps Ltd are among a few players operating in the filament LED bulb market

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