The Smart LED Bulbs Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart LED Bulbs Global Market Report 2024, 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.
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.
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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
Wi-Fi-enabled LED bulbs are a key trend in the smart LED bulbs market. Wi-Fi-enabled LED bulbs connect to the home router and therefore, do not need a network that cuts down on clutter and problems. Wi-Fi-capable lights can be operated easily through the brand-connected application. They can also be used with smart assistants, such as Alexa and Google, to monitor the lights. Lifx is one of the upcoming players for Wi-Fi LED lights, the brand is widely seen as Philips’ top competitor, leading the way in new, intelligent lighting. Although Lifx lights are more expensive than the products of Philips, they burn brighter, last longer, and give off infrared light in the dark, making them suitable for outdoor and porch fixtures near security cameras.
The smart led bulbs market report table of contents includes:
- Executive Summary
- Smart LED Bulbs Market Characteristics
- Smart LED Bulbs Market Trends And Strategies
- Smart LED Bulbs Market – Macro Economic Scenario
- Global Smart LED Bulbs Market Size and Growth
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- Global Smart LED Bulbs Market Competitive Benchmarking
- Global Smart LED Bulbs Market Competitive Dashboard
- Key Mergers And Acquisitions In Smart LED Bulbs Market
- Smart LED Bulbs Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- General Electric Company
- Panasonic Corporation
- LG Electronics Inc.
- Schneider Electric SE
- Honeywell International Inc.
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