Harrisburg, NC -- (SBWIRE) -- 10/19/2020 -- The Global Smart LED Bulbs Market Research Report provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). It provides an in-depth study of the Smart LED Bulbs market by using SWOT analysis. This gives a complete analysis of drivers, restraints, and opportunities of the market. This report presents a comprehensive overview, market size and share, regional and country-level analysis of Smart LED Bulbs market. The segmental analysis focuses on forecast by Type, Application in terms of revenue and forecast for the period 2020-2030.
The global smart LED bulbs market is expected to decline from $8.82 billion in 2019 and to $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 $14.09 billion in 2023 at CAGR of 23.4%.
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Top Key Players in the Global Smart LED Bulbs Market: 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 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. A 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 the 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 $1.4 billion in cash. Through this acquisition, Signify estimates that the Cooper deal will increase its revenues from the Professional sales sector from 42% to 53% of total sales. Increasing that sector revenue share will presumably raise the margins significantly. Eaton Corporation, an Ireland based company, provides energy-efficient solutions that help customers effectively manage electrical, hydraulic and mechanical power more efficiently, safely and sustainably.
The smart LED bulbs market covered in this report is segmented by technology into wired technology; wireless technology. It is also segmented by application into indoor lighting; outdoor lighting.
The Wi-Fi-enabled LED bulbs is a key trend in the smart LED bulbs market. Wi-Fi-enabled LED bulbs connect to the home router and therefore, do not need a network that cuts down on clutter and problems. Wi-Fi capable lights can be operated easily through the brand-connected application. They can also be used with smart assistants, like Alexa and Google, to monitor the lights. Lifx is one of the upcoming players for Wi-Fi LED lights, the brand is widely seen as Philips' top competitor, leading the way in new, intelligent lighting. Although Lifx lights are more expensive than the products of Philips, they burn brighter, last longer, and give off infrared light in the dark, making them suitable for outdoor and porch fixtures near security cameras.
The development of smart cities is a key factor driving the growth of the smart LED bulbs market. The lighting of smart cities will play a major role in the future growth and the future of street lighting systems in smart cities will be LED lighting network. With the rise of smart cities, the lighting controls industry will be driven as countries will witness a revolution in the areas of light management. For instance, in 2019, the Indian government is committed to creating 100 smart cities, and as part of the US$ 14 billion plan, 99 cities have already been announced. Therefore, the development of smart cities is expected to drive the smart LED bulbs market.
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Regional Analysis for Market:
For a comprehensive understanding of market dynamics, the global Smart LED Bulbs market is analyzed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India, and others. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
Table of Contents:
Overview: This segment offers an overview of the report to provide an idea regarding the contents and nature of the research report along with a wide synopsis of the global Smart LED Bulbs Market.
Analysis of Leading Players Strategies: Market top players can utilize this analysis to increase the upper hand over their rivals in the market.
Study on Major Market Trends: This segment of the report delivers a broad analysis of the most recent and future market trends.
Forecasts of the Market: The report gives production, consumption, sales, and other market forecasts. Report Buyers will approach exact and approved evaluations of the total market size in terms of value and volume.
Analysis of Regional Growth: This report covered all major regions and countries. The regional analysis will assist market players to formulate strategies specific to target regions, tap into unexplained regional markets, and compare the growth of all regional markets.
The research includes historic data from 2015 to 2020 and forecasts until 2030 which makes the reports an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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