Press release
Smart LED Bulbs Market SWOT Analysis, Industry Revenue, Growth Overview And Forecast To 2033
Smart LED Bulbs Market
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.
Market Overview -
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.
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Smart Cities Drive Growth In The Smart Led Bulb Market
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.
Competitive Landscape -
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.
Wi-Fi-Enabled Led Bulbs Illuminate The Smart Led Bulbs Market
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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