DUBLIN--(BUSINESS WIRE)--The "Bluetooth LED Bulb Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Bluetooth led bulb market is expected to witness a CAGR of 9.44% over the forecast period of 2019-2024.
Due to it's increasing cost competitiveness, this technology has begun to compete in a variety of lighting applications successfully. Also, these bulbs can now be operated through specially designed remote controls or smartphone app features. Moreover, the growing significance of smart homes is further expected to drive the demand for these Bluetooth connected bulbs.
In August 2018, the Chicago Department of Transportation announced the implementation of the Streetlight Modernizing Program with the aim to replace 270,000 conventional street lights with LED bulbs in the next four years. Such developments of the government and Industrial bodies to reduce energy cost has been impacting the LED light demand and is expected to positively impact the market.
- Rising awareness regarding technologies such as wireless optical networking data transmission, light fidelity, and the Internet of Things (IoT) is expected to positively impact the market. Over the past few years, the growing demand for energy-efficient lighting systems has been promoting the adoption of advanced products including Bluetooth LED bulbs.
- Increasing the adoption of smart lighting solutions for hospitality, home, and the office is majorly driving the demand for Bluetooth LED bulbs. With the rising number of smartphone and tablet users, demand for smart LED bulbs controlled by Bluetooth connectivity is also driving.
- Other factors that are propelling the growth of the global Bluetooth LED bulb market include declining prices of LED bulbs and supportive government initiatives.
- Governments are adopting smart lighting projects to save energy and money. As per a report by the US Energy Information Administration, around 39% of total energy cost is incurred through lighting. It has been observed that smart LED lighting has the ability to reduce energy costs in office buildings and industrial installations by 90%.
- One of the major factors restraining the growth of the Bluetooth LED bulb market is increasing competition from IoT and wi-fi enabled LED bulbs.
Major Market Trends
Rising Demand from Industrial & Commercial Sector to Augment Market Growth
- The factory and production lines are the largest application area for industrial lighting solutions. Factory and production lines are upgrading to critical lighting solutions, such as LEDs and connected lighting solutions, to receive an immediate payback on their investment through improved light quality and control. Moreover, technological advancements in manufacturing along with high investments owing to the Industrial 4.0' revolution is helping the LED fixtures market make rapid strides in industrial applications.
- Factors such as high demand for cost-effective and energy-saving LED lighting, government campaign towards LED adoption, and the need for replacing traditional lighting are expected to fuel the growth of the industrial and commercial LED lighting market. However, voltage sensitivity and temperature dependence are expected to hinder market growth. On the contrary, a surge in need for smart lighting is expected to offer lucrative opportunities for industrial and commercial LED lighting market expansion.
- Lighting consumes approximately 15% of total global power consumption. Moreover, lights produce around 5% of global carbon emissions. Thus, the United Nations Environment Programme (UNEP) has released certain guidelines on energy-saving lighting solutions to reduce carbon emissions.
- With rapid urbanization and rapid economic growth, the lighting industry is expected to grow exponentially over the next two decades, resulting in more high demand for LED-based lighting. Thus, the need for more LED-based lighting for effective energy saving and cost saving is expected to drive the Industrial and commercial LED lighting market growth in the coming years.
Asia-Pacific to Be the Fastest Growing Market
- Asia-Pacific is currently experiencing a tremendous shift in lighting systems, where companies in this region have been identified to adopt LED lights in industries and manufacturing plants, as compared to its counterparts like incandescent and LFL owing to the improved efficiency of LED lighting systems.
- China has been gradually reducing the sale of incandescent light bulb products over the last five years, ensuring that outdated technology is replaced by something more advanced and profitable.
- In India, the government supported the plan of deploying cost-effective LED's across the end-users has received a warm response. According to the government, LED adoption was driving an annual energy savings of over 3,340 crore kWh and resulting in avoidance of over 6,725 MW of peak demand. Also, the growing smart home market in India is expected to increase the demand for Bluetooth LED bulbs.
The Bluetooth led bulb market is fragmented due to the market consist of many large players as well as new players. Companies are also trying to innovate their existing products to cater to increasing demand from consumers which makes the market competitive.
Some of the major players are Acuity Brands Lighting Inc., Delta Light N.V., Eaton Corporation PLC., Evluma, General Electric Company, Ilumi Solutions Inc., LedvAcuity Brands Lighting Inc.ance GmbH, Luceco PLC., OPPLE Lighting Co., Osram GmbH, among others.
Key Topics Covered
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Energy-Efficient Lighting Systems
4.2.2 Smart Lighting Shaping Infrastructure Modernization
4.3 Market Restraints
4.3.1 Lack of Awareness Regarding Installation Costs and Payback Periods
4.4 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By End-User
5.2.1 North America
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Acuity Brands Lighting Inc.
6.1.2 Delta Light N.V.
6.1.3 Eaton Corporation PLC
6.1.5 General Electric Company
6.1.6 Ilumi Solutions Inc.
6.1.7 Ledvance GmbH
6.1.8 Luceco PLC
6.1.9 OPPLE Lighting Co.
6.1.10 Osram GmbH
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/3vi55a