The global smart LED bulbs market size is expected grow from $8.89 billion in 2021 to $11.08 billion in 2022 at a compound annual growth rate (CAGR) of 24.6%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart LED bulb market is expected to reach $25.06 billion in 2026 at a CAGR of 22.6%.
What is the Global Smart LED Bulbs Market?
The smart LED bulbs market consists of sales of smart LED bulbs and related services that are used in indoor and outdoor lighting. The smart LED bulb establishments are primarily engaged in the manufacturing smart LED bulbs and required accessories. Smart bulb is an internet-enabled LED light bulb that allows the lighting to be personalized, programmed and regulated.
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What drives the Global Smart LED Bulbs Market?
The development of smart cities is a key factor driving the growth of the smart LED bulbs market. The lighting of smart cities will play a major role in the future growth and the future of street lighting systems in smart cities will be LED lighting network. 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. Therefore, the development of smart cities is expected to drive the smart LED bulbs market.
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Global Smart LED Bulbs Market Segments
The global smart LED bulbs market is segmented:
By Technology: Wired Technology, Wireless Technology
By Application: Indoor Lighting, Outdoor Lighting
By Installation Type: New Installation, Retrofit
By Geography: The regions covered in the smart LED bulbs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Smart LED Bulbs Global Market Report 2022 provides market size and growth forecasts for the global smart LED bulbs market, global smart LED bulbs market share, smart LED bulbs market segments and geographies, smart LED bulbs market competitive landscape including leading competitors’ revenues, profiles and market shares. The smart LED bulbs market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Smart LED Bulbs Industry Players include Legrand S.A., Acuity Brands Inc., Eaton Corporation, General Electric Company, OSRAM Licht, Honeywell International Inc., Hubbell Incorporated, Koninklijke Philips N.V., Cree Inc., and Lutron Electronics. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
