Post COVID-19, the "COVID-19 Impact on Smart Lighting Market by Offering (Hardware: Lights &
Luminaires, Lighting Controls; Software, and Services), Installation Type (New
Installation and Retrofit Installation), End-use Application, and Region -
Global Forecast to 2025" 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
negatively 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 increase in the construction of
hospitals and clean rooms, which will further increase 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 market share in the smart lighting industry. The impact of COVID-19 on
residential lighting is expected to be on a lower side 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 the scope to increase.
“Smart lighting market in APAC expected to
grow at highest CAGR during the forecast period “
The smart lighting industry in APAC is
expected to grow at the highest CAGR during the forecast period. This growth is
attributed to rapid infrastructure building activities being undertaken in
APAC, 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.
Some of the major players in the 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.
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