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“Increasing demand for specialty lighting applications to drive the growth of the smart lighting market.”
Post COVID-19, the global smart lighting market size is estimated to grow from USD 9.4 billion in 2020 and projected to reach USD 24.2 billion by 2025, at a CAGR of 20.9%. The projection for 2025 is estimated to be down by 21% as compared to pre-COVID-19 estimation.
The major factors driving the growth of the smart lighting market include increasing demand for specialty lighting applications such as horticulture and UV disinfection lighting, the need for a large number of healthcare facilities to treat an increasing number of patients, and rising demand for sterile manufacturing areas in the pharmaceuticals industry.
“Smart lighting market for services to grow at the highest CAGR between 2020 and 2025.”
The services segment is expected to be adversely impacted as it goes hand-in-hand with that of hardware. However, the impact would be relatively less owing to the nature of the offering, which can be controlled remotely (online) to a great extent. The market for services is expected to increase by 2021 due to the rising construction of hospitals and clean rooms, which will further drive the demand for support and maintenance services.
“Indoor lighting to hold a larger share of the smart lighting market during the forecast period.”
The indoor lighting application segment holds a larger share in the smart lighting industry. The impact of COVID-19 on residential lighting sales is expected to be on a lower side as compared with other/outdoor applications. As most of the activities in commercial buildings are now shifting indoors, the demand for smart lighting in the residential segment has scope to increase.
“Smart lighting industry in APAC expected to grow at the highest CAGR during the forecast period “
The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. This growth is attributed to rapid infrastructure building activities, mainly in China and India, where smart lighting paves the way for the modernization of infrastructure. Moreover, China has started to recover from the pandemic faster than any other country.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with the key experts. The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C-level Executives – 40%, Directors – 35%, Others – 25%
- By Geography: North America – 10%, Europe – 20%, APAC – 40%, and RoW – 30%
Some of the major players in the global smart lighting market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), General Electric Company (US), OSRAM Licht (Germany), Zumtobel Group (Austria), Hubbell Incorporated (US), Dialight PLC (UK), Ideal Industries, Inc. (Cree), and Schneider Electric (France), among others.
This report covers the COVID-19 impact on the smart lighting market based on installation type, offering, end-use application, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products, and services, and key strategies associated with the smart lighting market.
Reasons to Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the smart lighting market based on installation type, offering, end-use application, and geography have been conducted to provide an overall view of the smart lighting industry considering detailed impact analysis of COVID-19
- Major drivers, restraints, and opportunities for the smart lighting market have been detailed in this report.