A new trend in technology is creating quite a buzz among consumer market analysts, who, for likely the first time, are using the words “cool” and “light bulb” in the same sentence.
Intrigued? We were, too.
Thanks to advancements in LED technology, light bulbs are getting a bit of a facelift, with savvy innovators adding cutting-edge features like WiFi capabilities, Bluetooth speakers, and cameras.
According to a CNBC report in late March, “analysts at McKinsey estimate [that developing LED technology] will grow into a $108 billion market by 2020.” IHS, a research leader in the tech industry, supported that statement in a report saying that “the sky is the limit” for smart lighting.
By consolidating the functions of several different electronics – and adding capabilities to link the all-in-one device to home automation systems – retailers are hoping the intelligent bulbs will appeal to both tech enthusiasts and energy savers.
Generally speaking, LEDs – with or without WiFi capabilities – require only a fraction of the energy consumed by incandescent lights and produce little to no heat. They also last a lot longer, with the average life span of an LED at 60,000 hours, which is 45,000 hours longer than its incandescent counterpart.
These benefits alone have made switching to LEDs a trend in and of itself, so it will be interesting to see where the high-tech advancements will take this “cool light bulb” next.