New York, May 07, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart LED Bulbs Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06070250/?utm_source=GNW
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The global smart led bulbs market is expected grow from $7.28 billion in 2020 to $9.13 billion in 2021 at a compound annual growth rate (CAGR) of 25.4%. The growth 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 market is expected to reach $18.85 billion in 2025 at a CAGR of 20%.
The smart LED bulbs market consists of sales of smart LED bulbs and related services that are used in indoor and outdoor lighting.The smart LED bulb establishments are primarily engaged in the manufacturing smart LED bulbs and required accessories.
Smart bulb is an internet-enabled LED light bulb that allows the lighting to be personalized, programmed and regulated.
The development of smart cities is a key factor driving the growth of the smart LED bulbs market.The lighting of smart cities will play a major role in the future growth and the future of street lighting systems in smart cities will be LED lighting network.
With the rise of smart cities, the lighting controls industry will be driven as countries will witness a revolution in the areas of light management.For instance, in 2019, the Indian government is committed to creating 100 smart cities, and as part of the US$ 14 billion plan, 99 cities have already been announced.
Therefore, the development of smart cities is expected to drive the smart LED bulbs market.
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 $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 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 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 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.
In October 2019, Signify, the world leader in connected LED lighting systems, software and services, acquired Eaton Corporation for $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.
Read the full report: https://www.reportlinker.com/p06070250/?utm_source=GNW
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