The smart LED bulbs market is surging, projected to grow from $13.8 billion in 2023 to $17.2 billion in 2024, achieving a CAGR of 24.6%. The rise is largely due to energy efficiency and automation trends. By 2028, the market is expected to reach $34.57 billion, with a CAGR of 19.1%, fueled by innovations in voice assistant integration and health-focused lighting features.
Major Driver In The Smart LED Bulbs Market
The growth trajectory of the smart LED bulb market is intricately tied to the development of smart cities, positioning itself as a pivotal factor. The lighting infrastructure of smart cities, with LED lighting networks at the forefront, plays a crucial role in shaping the future of street lighting systems. A significant investment in the "Smart City Mission" by the government of India, amounting to $28.31 billion in 2020 and a cumulative offer of 176,059 crores (US$24.31 billion) by 2020, underscores the commitment to smart city projects. This transformative initiative is set to revolutionize light management in urban areas, driving the demand for smart LED bulbs. Consequently, the development of smart cities is anticipated to be a catalyst for the growth of the smart LED bulb market throughout the period from 2023 to 2028.
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Smart LED Bulbs Market Competitive Landscape
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.
Key Smart LED Bulbs Market Trend
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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Smart LED Bulbs Market Segmentation
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
By Geography:The regions covered in the smart led bulbs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the smart LED bulbs market in 2023.
The Smart LED Bulbs Global Market Report 2024 furnishes information about the global smart led bulbs market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
