Press release
Smart LED Bulbs Market Expected to Achieve 17% CAGR by 2029: Growth Forecast Insights
Smart LED Bulbs Market
How Large Will the Smart LED Bulbs Market Size By 2025?
In recent times, there has been a significant surge in the market size of smart LED bulbs. The market which was valued at $17.19 billion in 2024 is projected to escalate to $21.13 billion in 2025, registering a compound annual growth rate (CAGR) of 22.9%. The unprecedented growth during the historical period can be credited to factors such as increased energy efficiency and cost savings, incorporation in smart homes, environmental sustainability, convenience and automation, and the reduced cost of LED technology.
How Big Is the Smart LED Bulbs Market Size Expected to Grow by 2029?
Anticipated to witness a significant upsurge in the coming years, the smart led bulbs market is projected to reach $39.58 billion by 2029, ballooning at a compound annual growth rate (CAGR) of 17.0%. Factors propelling this growth trajectory during the forecast period include the implementation of voice-powered assistants, the introduction of health and wellness specific lighting capabilities, the widespread adoption of smart lighting in commercial arenas, advancements in integrated lighting, and governmental policies favoring energy conservation. Key trends during the prediction span include the introduction of circadian rhythms and human-centric lighting, the use of thread protocol for connection, incorporation of sophisticated sensors, the proliferation of smart led strips and panels, and the growing prominence of bluetooth mesh networking.
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Which Key Market Drivers Powering Smart LED Bulbs Market Expansion and Growth?
The growth of the smart LED bulb market is significantly influenced by the evolution of smart cities. In the future, the lighting of these cities will be central to their growth, and LED lighting networks will likely take over as the standard for street lighting systems. As the concept of smart cities becomes more mainstream, the lighting control industry is set to experience a boost, with a profound transformation in light management systems across nations. For example, as per the Smart City Index Report by the International Institute for Management Development, a Swiss business school, the tally of smart cities rose from 118 cities in 2021 to 141 cities in 2023, as stated in April 2023. Consequently, the growth of smart cities is predicted to fuel the enlargement of the smart LED bulb market.
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Which Fast-Growing Trends Are Poised to Disrupt the Smart LED Bulbs Market?
Wi-Fi-capable LED lights present a significant trend within the smart LED bulb industry. These bulbs connect directly to the home router, eliminating the need for an extra network, reducing clutter and potential issues. By employing a brand-specific app, operating these Wi-Fi-enabled lights is a breeze. Compatibility with smart assistants such as Google and Alexa further allows for easy light monitoring. Lifx is emerging as a prominent player in the arena of Wi-Fi LED lights, considered a close competitor to Philips. Despite Lifx lights being pricier than those from Philips, they shine brighter, last longer, and emit infrared light when it's dark. This makes them an ideal choice for outdoor locations and fixtures close to security cameras.
What Are the Emerging Segments in the Smart LED Bulbs Market?
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
Subsegments:
1) By Wired Technology: Power Line Communication (PLC), Zigbee Wired Solutions
2) By Wireless Technology: Wi-Fi Enabled Bulbs, Bluetooth Enabled Bulbs, Zigbee Wireless Solutions, Z-Wave Wireless Solutions
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Who Are the Global Leaders in the Smart LED Bulbs Market?
Major companies operating in the smart LED bulbs market include 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., OSRAM Licht AG, Hubbell Incorporated, Acuity Brands Lighting Inc., Dialight PLC, Zumtobel Group AG, Cree Inc., Lutron Electronics Co. Inc., Leviton Manufacturing Company Inc., Helvar Ltd, Synapse Wireless Inc., Enlighted Inc., LightwaveRF PLC, TVILIGHT B.V, Adesto Technologies Corporation, RAB Lighting Inc.
Which are the Top Profitable Regional Markets for the Smart LED Bulbs Industry?
Asia-Pacific was the largest region in the smart LED bulbs market in 2024. 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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