COVID-19 Impact on 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.
“Adversely impacted construction projects have
caused a setback for new installation segment of lighting.”
New installation
projects mostly depend on new constructions, the probability of which is on the
lower side even in the short term. However, the healthcare sector has a higher
likelihood in these regards. As there are no tax benefits for retrofit
installations (except the US–EPact 179D), we anticipate a sudden decline in
retrofit installations across commercial and industrial verticals. Overall,
both new installations and retrofit installations have taken a significant
setback.
“Shutdowns leading to a loss in production
have resulted in a substantially negative impact on the hardware segment of the
smart lighting market.”
The hardware segment
is profoundly affected due to the loss in production owing to shutdowns in
China and other South Asian countries, which are the hubs of component
manufacturing. Even local manufacturing companies are affected due to lockdowns
and sealed borders. Companies have inventory for a fixed period, and industry
experts are uncertain about the timeline it would take to bring the situation
back to normal.
“Lighting for public places is facing a high
revenue drop.”
In the outdoor
application, lighting for public places segment is facing higher revenue drop
in 2020 as compared to streets & roadways segment. Many sporting events
across the world have been postponed or canceled because of the 2020
Coronavirus pandemic, including the 2020 Tokyo Olympics and Paralympics, which
were postponed to 2021; 2020 UCI Cyclo-cross World Championships; 2020 FIBA
International Cup and others.
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COVID-19 Impact on Smart Lighting Market Key
Market Players
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.
Signify Holding
(Netherlands) is an industry leader in the smart lighting market space. The
company’s market experience and brand name allow it to capitalize on the
fundamental market dynamics in the lighting industry and deliver innovative
solutions that create value and ensure its growth. The company has a huge
advantage over its competitors in the smart lighting market due to is its
extensive product portfolio, with lighting systems compatible with various
connecting technologies ranging from DALI, KNX, and BACnet to ZigBee and
EnOcean.
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