Overview and Scope
A smart bulb is an internet-enabled LED light bulb that allows the lighting to be personalized, programmed, and regulated. Smart LED bulbs are used in indoor and outdoor lighting.
Sizing and Forecast
The smart led bulbs market size has grown exponentially in recent years. It will grow from $13.8 billion in 2023 to $17.2 billion in 2024 at a compound annual growth rate (CAGR) of 24.6%. The growth in the historic period can be attributed to growing energy efficiency and cost savings, smart home integration, environmental sustainability, convenience and automation, cost reduction of led technology.
The smart led bulbs market size is expected to see rapid growth in the next few years. It will grow to $34.57 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to integration with voice assistants, health and wellness lighting features, expansion of smart lighting in commercial spaces, advancements in connected lighting, government initiatives for energy efficiency. Major trends in the forecast period include integration of circadian rhythms and human-centric lighting, adoption of thread protocol for connectivity, integration of advanced sensors, expansion of smart led strips and panels, increased adoption of bluetooth mesh networking.
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Segmentation & Regional Insights
The smart led bulbs market covered in this report is segmented –
1) By Technology: Wired Technology, Wireless Technology
2) By Installation Type: New Installation, Retrofit
3) By Application: Indoor Lighting, Outdoor Lighting
Asia-Pacific was the largest region in the smart LED bulbs market in 2023. Western Europe was the second-largest region in the global smart LED bulbs market share. The regions covered in the smart led bulbs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The development of smart cities is a key factor driving the growth of the smart LED bulb market. The lighting of smart cities will play a major role in future growth and the future of street lighting systems in smart cities will be LED lighting networks. With the rise of smart cities, the lighting controls industry will be driven as countries will witness a revolution in the areas of light management. For instance, in March 2021, according to the Indian Brand Equity Foundation (IBEF) report, an India-based government agency for providing economic information, the government of India announced an investment of $ 28.31 billion for the “Smart City Mission” in 2020 additionally, by 2020, 176,059 crores (US$ 24.31 billion), or 86% of the total, will have been offered to complete projects. Therefore, the development of smart cities is expected to drive the smart LED bulb market growth.
Key Industry Players
Major companies operating in the smart led bulbs market report are General Electric Company, Panasonic Corporation, LG Electronics Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd, Eaton Corporation plc, Koninklijke Philips N.V., Wipro Enterprises Ltd, Legrand S.A., Signify N.V., SELC Ireland Limited, OSRAM Licht AG, Hubbell Incorporated, Acuity Brands Lighting Inc., Dialight PLC, Zumtobel Group AG, Cree Inc., Lutron Electronics Co. Inc., Ideal Industries Inc., Leviton Manufacturing Company Inc., Helvar Ltd, Synapse Wireless Inc., Enlighted Inc., LightwaveRF PLC, Syska Hennessy Group Inc., TVILIGHT B.V, Adesto Technologies Corporation, RAB Lighting Inc., Silver Spring Networks Inc.
The smart led bulbs market report table of contents includes:
1. Executive Summary
2. Smart LED Bulbs Market Characteristics
3. Smart LED Bulbs Market Trends And Strategies
4. Smart LED Bulbs Market – Macro Economic Scenario
5. Global Smart LED Bulbs Market Size and Growth
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32. Global Smart LED Bulbs Market Competitive Benchmarking
33. Global Smart LED Bulbs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart LED Bulbs Market
35. Smart LED Bulbs Market Future Outlook and Potential Analysis
36. Appendix
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