Global Smart Bulbs Market Outlook
Technology has played a significant role in changing the human lifestyle. The lighting industry is one such industry that has come a long way by the introduction of smart bulbs which are now a fad. These smart bulbs besides bringing home to light also help save approximately more than 50% electricity. Apart from this, as an individual are contemplating on going smart with lighting the smart bulbs market is expected to show a positive growth trend.
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Global Smart Bulbs Market: Market Dynamics
Drivers for Smart Bulbs Market
Smart home, the current real estate trend is expected to fuel growth in the smart bulbs market. With the rising smart home trend, the light products were the first to get internet connectivity. In the past few years, human beings have become increasingly used to connecting home devices to the internet to make the living space more comfortable, entertaining, and safe. This trend is further expected to continue for the next decade. The rising prevalence of such a trend is one of the major drivers that is expected to boost product adoption in the market.
Trends for Smart Bulbs Market
The companies operating in the market are currently focused on enhancing their product portfolio to include smart bulbs with innovative technological features. Panasonic recently in the year 2020 introduced a smart LED bulb that incorporates automated scheduling functions and multi-color lighting options. Besides being used via voice command features through Google Assistant and Amazon Alexa the bulbs have user data capabilities that can secure data on the cloud through the mobile application.
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Opportunities for Smart Bulbs Market
The smart bulbs market currently make up a very thin piece of the total lighting industry. The smart bulbs market is currently in the growth stage. The growing awareness of energy-efficient products is expected to open new opportunities for the players operating in the smart bulbs market. The players are currently capitalizing on these opportunities by certifying their smart bulbs with Energy Star, UL Certification, CE Mark, etc.
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