Global Smart Bulbs Market Report 2019, Competitive Landscape, Trends and Opportunities
The term smart bulb refers to an internet-capable LED light bulb that enables lighting to be scheduled, customised, and controlled remotely. Smart bulbs are among the most profitable offerings in the developing category of home automation and IoT-based products.
With the integration of Bluetooth, Wi-Fi, ZigBee or a proprietary connection for a home automation systems, smart bulbs can be regulated through a mobile application or a building/home automation hub and individual bulbs can be programmed to alter the output in an explicit manner.
The bulb’s internet connectivity makes it feasible for manufacturers to utilize edge computing technology and equip smart bulbs with extra features like built-in speakers, built-in cameras, and presence-sensing ability. Different types of smart bulbs allow the building/home manager to control RGB-colour base as well as the brightness.
Major players in the global Smart Bulbs market include:
Silver Spring Networks
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The growing construction of smart buildings/homes and rise in government initiatives for smart township projects are stimulating the adoption of smart bulbs and smart lighting systems, thereby impacting the market’s growth firmly. For instance, the government of China has begun to acquire and implement numerous smart city initiatives. There is an active organizational and financial support from the local and central government for the development of smart cities. The country strives to develop almost 100 new smart cities from the year 2016 to 2020 to lead the country’s urban planning and development.
Around 1,000 smart city projects, across the globe, are under construction, and China is home to about 500 of them, covering big, medium, and small cities. The growing adoption and decreasing price of smart LED-bulbs are driving the market. The reduced energy use, increased luminous efficacy, considerable lifespan, and lessening average selling price (ASP) of the smart LED lighting products to compel customers to switch to the new LED technology.
Based on crucial applications, the market can be segmented into retail, retrofit, outdoor, hospitality, offices, architectural, industrial and residential. The increased cost of installation is impeding market growth. The initial amount required to incorporate or replace the smart lighting system into industrial buildings is an expensive affair, especially for medium and small organizations. People prefer the use of conventional lighting sources over advance smart bulbs and LEDs, as they have a lower initial cost.
As per the research conducted by Maia Research, the indoor market segment is anticipated to Witness a Significant Growth through smart LED penetration.
The indoor application is measured to have considerable growth over the forecast period.
According to the research report released by Maia Research, the Asia-Pacific region witnessed substantial growth in the smart bulb market and is anticipated to have the highest growth rate over the forecast period. Developing smart infrastructure in the region, the scaled establishment of smart bulb framework over the commercial and private sectors, and growing investments by the governmental organizations on public infrastructure are boosting the growth of the market in the region.
As per the research, China may account for nearly 4.1 billion IoT-based connections, which is approximately one-third of the worldwide IoT connections, by the year 2025. The Indian housing industry is one of the rapidly developing sectors of India. Smart City project for almost 100 cities in the country is driving the market for smart bulbs. According to the research, India plans to transform about 3,800 street lights into the sensor-based efficient lighting system, under the Smart City Mission.
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