Global Bluetooth LED Bulb Market - 2019-2026
Global Bluetooth LED Bulb Market Overview
Bluetooth LED bulb is an innovative technology that makes the use of intelligent lighting control systems to manage light and its colour. Due to its increasing cost competitiveness, this technology has begun to compete with a wide variety of lighting applications. Additionally, these bulbs can be operated through specially designed smartphone apps.
Global Bluetooth LED bulb market was worth USD XX Million in 2018, and is estimated to surpass USD XX Million by 2026, at a CAGR of XX% during the forecasted period of 2019-2026.
Global Bluetooth LED Bulb Market Dynamics
Growing adoption of smart lighting solutions for hospitality, office, and home are majorly driving the demand for Bluetooth LED bulbs across the globe.
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 includes declining prices of LED bulbs and supportive government initiatives. For instance, in 2014, the Indian government launched a programme to promote LED bulbs in Indian households UJALA (Unnat Jyoti by Affordable LEDs for All) policy. Energy Efficiency Services Ltd. (EESL) A public sector company provided the LED bulbs to the consumers through purchasing LED bulbs in large quantities and reducing the cost incurred in the retail supply chain and further bringing down the final distribution price. As a result, the price of LED bulbs distributed under UJALA scheme came down to Rs. 70 compared to the earlier price of Rs 310 before 2014.
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.
Global Bluetooth LED Bulb Market Segmentation
Global bluetooth LED bulb market is segmented based on the compatibility type and application.
Based on the compatibility type smartphone market is anticipated to have the largest market share owing to the rising use of Bluetooth Mesh technology which does not require any special wiring, hub, or electrical boards that is controlled via mobile applications. Smartphone apps such as the Svarochi app that can customize and save individual light settings, as well as memorize the movement and customization pattern for ease of use. In smartphones, easy mobility and rising use of bluetooth controlled lighting apps are other major factors leading to the rising demand for smartphone compatible smart Bluetooth LED bulbs.
In terms of application, the Commercial segment is anticipated to exhibit the largest market share in the global bluetooth LED bulb market. Within the commercial segment, office spaces and hospitality are the major users of bluetooth LED bulb market, as they can control lighting systems when not in use, thus saving the energy bills. Therefore they are upgrading to critical lighting solutions, by using smart LEDs solutions and connected lighting solution, to receive an immediate payback on their investment through improved energy efficiency, light quality and control.
Industries and commercial spaces have already realized the long-term economic and environmental benefits of using smart lighting, thus reducing power bills and also their carbon footprint. When coupled with cloud computing, smart lighting systems provide facility managers the means to control energy usage across hundreds of buildings through a single tablet.
For instance, in October 2017, US retail giant Target planned to roll out a customer engagement system using Bluetooth chips embedded in LED ceiling lights in nearly half of its stores by December 2017. As of 2019,Target has implemented its Bluetooth and VLC equipped lights which are now present in its over 300 million ft2 of retail space in North America.
Asia-Pacific holds the largest market share of global bluetooth LED bulb market owing to the falling LED prices in this region. As the region is currently experiencing a tremendous shift in lighting systems, where companies in this region have identified to adopt LED lights in industries and manufacturing plants over incandescent and CFL(Compact fluorescent lamp) owing to the improved efficiency of the 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 terms of energy utilization.
In India, the government supported the plan of deploying cost-effective LEDs across the end-users has received a warm response. With the growing smart homes market in India, it is expected to increase the demand for Bluetooth LED bulbs in the Asia-Pacific region. For instance, as per the Domestic Efficient Lighting Programme (DELP), the Indian government has targeted to replace 77 crore incandescent bulbs in India with LEDs by 2019 leading to an expected reduction in installed load of 20,000 Megawatts (MW) with an annual energy savings of over 100 million kilowatts/hour (kwh) with an annual reduction of USD 58 Million in electricity bills.
Global bluetooth LED bulb market is fragmented with the presence of various international and domestic players. Some of the key players in the industry are General Electric, Syska LED Lightings, and OPPLE Lighting Co.
Players in the global bluetooth LED bulb market are facing intense competition within the industry players as companies are trying to innovate their existing products to cater increasing demand from the consumers. For instance, in October 2018, General Electric announced that its smart LED bulbs series C have been integrated to work with Google Home devices via a bluetooth connection, which will let the consumer to control lightings through voice commands.
• Bluetooth LED bulb is a smart new age technology which uses smart lighting control process to control light.
• Asia-Pacific region is projected to exhibit the fastest growth over the forecast period, due to Government initiatives to encourage the adoption of energy-efficient lighting systems that drive the bluetooth LED bulb market growth.
• Global bluetooth LED bulb market is facing stiff competition with new startups companies introducing new innovative technologies to control wide range of colours and intensity in the bluetooth LED bulb market.
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• Visualize the composition of the Global bluetooth LED bulb market across each indication, in terms of type and technology, highlighting the key commercial Assets and players.
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