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.
The rapid transition
from traditional lighting to connected lighting, development of the Internet of
Things (IoT) technology in the field of lighting control systems, and growing
demand for PoE-based lighting solutions in commercial and healthcare
applications are expected to provide major opportunities to the smart lighting
market players in the coming years.
Smart lighting
system manufacturers have adopted strategies such as product launches and
developments, agreements, partnerships, collaborations, contracts, and joint
ventures to grow in the smart lighting industry. For instance, in October 2019,
Signify acquired Cooper Lighting Solutions from Eaton. This acquisition would
strengthen its position in the North American lighting market.
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 (Philips Lighting N.V.) (Netherlands) was ranked
first in the smart lighting market in 2019. It is an industry leader in the
lighting market. 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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Signify Holding
(Netherlands) is an industry leader in the 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.
Further, due to the
impact of COVID-19, the company is facing additional costs in its logistics
chain. This has resulted in an increase in temporary charges of 3% on all LED
electronics (including emergency products) and lamp electronics (magnetic and
electronic ballasts) for orders placed from April 1, 2020, onwards, or for
future-dated shipments on orders placed in March.
Legrand S.A. (France) was ranked
second in the smart lighting industry in 2019. Legrand S.A. is a global
specialist in electrical and digital building infrastructures. The company has
a strong product portfolio pertaining to the smart lighting market. This
enables the company to maintain its leading position in this market. Legrand
focuses on growth strategies such as acquisitions, partnerships, and product
launches.
Legrand had set
targets for 2020 to achieve profitable and sustainable growth by its strategy
of value-creating acquisitions, as well as aiming for a total increase of at
least 4% in the scope of consolidation on sales. But due to COVID-19, the
company has suspended its targets for 2020 since it is mostly dependent on
North American and European markets to increase its sales for revenue
generation.
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