Major players in the smart LED bulbs market are 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.
The Global
Smart LED Bulbs Market is expected to decline from USD 8.82 billion in
2019 and to USD 7.5 billion in 2020 at a compound annual growth rate (CAGR) of
-15%. The decline is mainly due to the COVID-19 outbreak that has led to
restrictive containment measures involving social distancing, remote working,
and the closure of industries and other commercial activities. The entire
supply chain from production to international trade has been impacted
negatively. The market is then expected to recover and reach USD 14.09 billion
in 2023 at CAGR of 23.4%.
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.
Europe was the largest region in
the smart LED bulbs market in 2019. North America and Asia Pacific were the
fastest growing regions in the smart LED bulbs market in the forecast period.
In October 2019, Signify, the world
leader in connected LED lighting systems, software and services, acquired Eaton
Corporation for USD 1.4 billion in cash. Through this acquisition Signify
estimates that the Cooper deal will increase its revenues from the Professional
sales sector from 42% to 53% of total sales. Increasing that sector revenue
share will presumably rise the margins significantly. Eaton Corporation, an
Ireland based company, provides energy-efficient solutions that help customers
effectively manage electrical, hydraulic and mechanical power more efficiently,
safely and sustainably.
The smart LED bulbs market covered
in this report is segmented by technology into wired technology; wireless
technology. It is also segmented by application into indoor lighting; outdoor
lighting.
The higher cost of installation of
smart LED bulbs is a key factor hampering the growth of the smart LED bulbs
market. The initial cost of integrating or replacing the lighting system in
industrial installations is high, especially for small and medium-sized
industries. Popular brands of smart LED bulbs such as Philips Hue and LIFX can
at times charge as much as USD 60 per bulb, depending on factors such as form,
size and whether they can produce different colours or simply varying shades of
white. Therefore, higher cost of installation is expected to limit the growth
of the smart LED bulbs market.
The Wi-Fi enabled LED bulbs is 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, like
Alexa and Google, to monitor the lights. Lifx is one of the upcoming player 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 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. For
instance, in 2019, the Indian government is committed to creating 100 smart
cities, and as part of the USD 14 billion plan, 99 cities have already been
announced. Therefore, the development of smart cities is expected to drive the
smart LED bulbs market.
For More Information, Click on the Link Below:-
Related Reports:-
Global
Smart LED Bulbs Market 2019 by Manufacturers, Regions, Type and Application,
Forecast to 2024
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Ken Research
Ankur Gupta, Head Marketing &
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