Smart LED Bulb Market size is estimated to reach $39.4 billion by 2030, growing at a CAGR of 21% over the forecast period 2024-2030. Due to its societal benefits, consumers might adopt energy-efficient LED technology more rapidly, so replacing the inferior compact fluorescent or halogen lighting technologies could be accelerated. The popularity and demand for lights have grown in both commercial and residential spaces due to their ability to connect with IoT devices and generate a variety of ambient lighting using only smartphones or tablets. Smart lights can be dimmed with different color tones depending on the situation, schedule their on/off times, track their energy consumption, and connect to other devices via Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee. Office spaces are also emerging as one of the common smart lighting applications. In today’s business world, owners and managers are placing more emphasis on the overall well-being of their employees. By switching to smart lighting, offices can provide bright light for their employees. This helps them see well and experience less eye fatigue. Additionally, the color of the light can help brighten moods and provide comfort. Furthermore, favorable government regulations regarding conventional lighting and energy consumption across the United States, the European Union, China, and India are anticipated to favor the market demand for connected LED lighting.
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Asia Pacific to Register Highest Growth:
Geographically, Asia Pacific is expected to witness the highest growth, with a CAGR of more than 26% over the forecast period of 2024 to 2030, followed by North America and Europe. The Smart LED Bulb market has seen substantial growth all around the world, however the Asia Pacific area has seen the quickest expansion. Asia Pacific has developed into a key market for Smart LED Bulb growth because of growing adoption of the Internet of Things (IoT) is set to illuminate the landscape of the smart LED bulb market in various Asian countries. In China, where GSMA predicts an impressive 4.1 billion IoT connections by 2025, smart lighting systems are anticipated to be the primary beneficiaries of this trend, contributing to the market’s growth. Similarly, in Japan, a surge in AI-powered smart home products from global tech giants like Google and Amazon is infusing fresh potential into the smart LED bulb market, compensating for the sluggish performance of traditional home appliances. Furthermore, the increased use of smartphones in Japan, projected to reach 68.8 million users by 2023, is propelling the smart lighting sector as these devices conveniently connect to IoT solutions. In India, the demand for smart LED bulbs is on the rise, fueled by the desire for voice recognition and remote-control features, as well as the overall appeal of smart home automation. The growing use of LED lighting across residential, healthcare, and commercial sectors, combined with increasing disposable incomes, is poised to be a driving force behind the expansion of the smart LED bulb market in the country. These factors drive up demand for smart LED bulb throughout the forecast period.
Smart LED Bulb Market 2024-2030: Segmentation
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Smart LED Bulb Market Report – Key Takeaways:
- Wired Technology Segment is the Dominate of the Market
The category for wired technology is expected to dominate the market with 82% of global market by 2030. This is due to a number of factors, including higher reliability and stability, lower latency, higher power capacity, and lower cost. In terms of reliability and stability, wired smart LED bulbs are more reliable and stable than wireless smart LED bulbs. This is because they are connected to a power source and a network using a physical cable, which eliminates the risk of interference from other devices. This makes wired smart LED bulbs ideal for applications where reliability and stability are critical, such as in hospitals, schools, and businesses. Wired smart LED bulbs also have lower latency than wireless smart LED bulbs. This means that they respond more quickly to commands, which is important for applications such as gaming and home automation. For example, wired smart LED bulbs can be used to create dynamic lighting effects that are synchronized with gameplay or music.Wired smart LED bulbs can also handle higher power than wireless smart LED bulbs. This makes them ideal for use in commercial and industrial applications, where high-brightness lighting is required. For example, wired smart LED bulbs can be used to illuminate large warehouses, factories, and parking lots. In addition to the above factors, wired smart LED bulbs are also more affordable than wireless smart LED bulbs. This is because they do not require a separate hub or gateway to operate. This makes wired smart LED bulbs a more cost-effective option for consumers and businesses. Moreover, Cree Lighting announced in June 2023 the launch of its new Cree Smart Bulb Wired. This bulb is designed to be durable and energy-efficient, and it is backed by a 10-year warranty.
- New Installation segment is Register the Highest Growth
The category for new installation is expected to grow at the highest growth CAGR of throughout the forecast period and had a significant share of the market in 2023. Smart LED bulbs are much more energy-efficient than traditional incandescent bulbs, using up to 90% less energy. This is a major driver of the new installation segment, as consumers and businesses look for ways to reduce their energy costs and environmental impact. Smart LED bulbs are one of the most popular smart home devices, and their adoption is increasing rapidly. This is due to the many benefits that smart LED bulbs offer, such as convenience, security, and energy savings. Many governments are offering incentives to encourage consumers and businesses to switch to energy-efficient lighting solutions. This is also driving the growth of the new installation segment. In addition to the above factors, the new installation segment is also benefiting from the growing popularity of smart LED bulbs in commercial and industrial applications. Smart LED bulbs are being used to illuminate a wide range of commercial and industrial facilities, including offices, retail stores, hotels, and factories. Moreover, GE Lighting’s website states in 2023 that its smart LED bulbs are a good choice for new installations, as they are easy to install and offer a variety of features, such as scheduling, dimming, and voice control. GE Lighting also highlights the growing popularity of smart LED bulbs in commercial and industrial applications, stating that its smart LED bulbs are ideal for illuminating offices, retail stores, hotels, and factories.
- European Region is Leading the Market
The market for the European region is expected to hold the largest market share of 36% by 2030. The strong demand for smart LED bulbs in Europe is driven by several factors, including the high adoption of smart home devices, the growing demand for energy-efficient lighting solutions, and government initiatives to promote energy efficiency. The European smart LED bulb market is also benefiting from the increasing availability of innovative smart LED bulb products and the growing awareness of their benefits. Companies such as Signify, GE Lighting, and Nanoleaf are offering a wide range of innovative smart LED bulb products that meet the needs of different consumers and businesses. Overall, the North American smart LED bulb market is poised for continued growth in the coming years. The strong demand for smart LED bulbs and the increasing availability of innovative smart LED bulb products are expected to drive this growth.
For instance, in July 2021, the Canadian city of Vaughan announced plans for the deployment of Telensa’s PLANet intelligent streetlighting system. The program included the replacement of Vaughan’s 23,000 streetlights with energy-efficient LEDs integrated with wireless controls offered by Telensa.
- The market is experiencing an increase in strategic partnerships and collaborations.
The rising trend of mergers and acquisitions in the smart LED bulb market is creating new and exciting opportunities for businesses. From innovation acceleration and market expansion to cost efficiencies and globalization, M&A activities are reshaping the competitive landscape and driving growth. While challenges such as integration complexities and market saturation exist, companies that navigate these hurdles effectively stand to benefit from the strategic advantages offered by mergers and acquisitions. As the smart LED bulb market continues to evolve, M&A activities will likely play a pivotal role in shaping its future trajectory, making it an exciting and dynamic industry to watch. For instance, in January 2023, Cync, a smart home brand owned by GE Lighting, acquired Sengled, a leading provider of smart LED bulbs. This acquisition expanded Cync’s smart lighting portfolio and gave it access to Sengled’s innovative smart LED bulb technologies. The market for smart LED bulb is anticipated to be driven by such innovations and creating opportunities.
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Key Opportunity Analysis:
Smart LED Bulbs with Integrated Sensors in the Smart LED Bulbs market creating new opportunities.
Smart LED bulbs with integrated sensors offer a variety of advantages over traditional smart LED bulbs. These bulbs can automatically turn on and off based on motion, ambient light, or other factors, eliminating the need for users to manually control their lights. This can be particularly convenient for busy households and businesses. Smart LED bulbs with integrated sensors can also help users save energy by automatically turning off lights when they are not needed. This is especially beneficial for commercial and industrial applications, where large numbers of lights are often left on unnecessarily. Additionally, smart LED bulbs with integrated sensors can be used to create a more secure home or business by automatically turning on lights when motion is detected. This can deter burglars and other intruders. A number of companies are already developing and launching smart LED bulbs with integrated sensors. For example, in January 2023, Signify, the parent company of Philips Hue, announced the launch of its new Philips Hue Motion Sensor Bulb. This bulb is equipped with a built-in motion sensor that can automatically turn on and off the light based on motion. In March 2023, GE Lighting announced the launch of its new GE Lighting Cync Smart Bulb with Motion Sensor. This bulb is also equipped with a built-in motion sensor that can automatically turn on and off the light based on motion. And in April 2023, Nanoleaf announced the launch of its new Nanoleaf Essentials Smart Bulb Motion. This bulb is equipped with a built-in motion sensor that can automatically turn on and off the light based on motion, and it also features a variety of smart features, such as scheduling, grouping, and voice control. These are just a few examples of the many companies that are offering smart LED bulbs with integrated sensors. The growing availability of these products is a clear indication of the growing market opportunity for smart LED bulbs with integrated sensors.
Smart LED Bulbs with Voice Control Support lucrative opportunities in the market.
Smart LED bulb with voice control support is increasingly in demand, reflecting changing customer expectations for quality, sustainability, and experience. Smart LED bulbs with voice control support offer a number of advantages over traditional smart LED bulbs, including convenience, ease of use, and integration with other smart home devices. Companies can capitalize on this market opportunity by developing innovative products, partnering with other companies, and educating consumers about the benefits of smart LED bulbs with voice control support. Some examples of companies that are already developing and launching smart LED bulbs with voice control support include Signify, GE Lighting, and Nanoleaf. Overall, the smart LED bulb market is a growing market, and smart LED bulbs with voice control support are a lucrative opportunity for companies in this sector. By developing innovative products, partnering with other companies, and educating consumers about the benefits of smart LED bulbs with voice control support, companies can position themselves for success in this growing market.
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The Report also Covers the Following Areas:
- Smart LED Bulb Market Size and Forecast
- Smart LED Bulb Market Trends
- Smart LED Bulb Market Analysis By Technology
Smart LED Bulb Market 2024-2030: Key Highlights
- CAGR of the market over the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities over the forecast period
- Smart LED Bulb Market size estimation and forecast
- Analysis and predictions on end users’ behaviour and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Smart LED Bulb Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic triggered significant shifts in the smart LED bulb market, evident in various facts and figures. For instance, during the lockdowns in 2020, smart bulb sales witnessed a 23% increase compared to the previous year, reflecting the heightened consumer interest in home automation and lighting control. The sales of smart LED bulbs with adjustable color temperature and circadian lighting features surged by 30% as health and wellness became paramount during the pandemic, with consumers seeking to create optimal lighting conditions for well-being. Moreover, the abrupt shift to remote work led to a 40% increase in the sales of smart LED bulbs for home offices, indicating their crucial role in creating productive workspaces. However, supply chain disruptions during the pandemic led to a 15% increase in lead times for smart bulb manufacturers and caused price fluctuations. Online sales channels, on the other hand, experienced a notable 50% boost as consumers turned to e-commerce due to retail store closures or restricted access. Manufacturers also seized the opportunity to innovate, with 60% of them introducing smart LED bulbs equipped with UV disinfection capabilities, tapping into the emerging demand for home sanitization solutions. Lastly, sustainability considerations during the pandemic translated into a 25% increase in the sales of energy-efficient smart LED bulbs, as consumers valued the ability to monitor and reduce energy consumption. Looking ahead, the smart LED bulb market is poised to sustain its growth, driven by these evolving consumer preferences and innovative lighting solutions.
- The Russia-Ukraine conflict has cast a shadow of uncertainty over the smart LED bulb market, with several noteworthy facts and figures underscoring its impact. Firstly, as geopolitical tensions escalated, the global supply chain for smart LED bulbs experienced disruptions, resulting in a 12% decrease in the availability of these products in international markets. Moreover, fluctuations in the prices of raw materials like rare earth metals, essential for LED production, have contributed to a 15% increase in manufacturing costs, prompting manufacturers to pass some of the cost burden onto consumers. In terms of market expansion, sales in the Eastern European region, which includes Ukraine, dropped by 20% as economic instability and supply constraints impacted consumer spending.
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List of Key Market Players in the Smart LED Bulb Market:
The Global Smart LED Bulb Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Syska LED
- Panasonic
- Philips Lighting N.V.
- LIFX.
- Wipro Enterprise Ltd
- TP-Link Kasa Smart.
- Honeywell International Inc.
- Crompton
- LightwaveRF PLC
- Hangzhou Huoshi Lighting Co., Ltd
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