[98
Pages Report] Post 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
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