CHICAGO, April 20, 2020 /PRNewswire/ -- The report "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", published by MarketsandMarkets™, 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.
Ask for PDF Brochure:
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.
Browse in-depth TOC on "COVID-19 Impact on Smart Lighting Market"
12 – Tables
45 – Figures
96 – Pages
Inquiry before Buying:
"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.
Lighting Control System Market by Installation Type (New and Retrofit), Offering (Hardware, Software, and Services), End-use Application (Indoor and Outdoor), Communication Protocol, and Geography - Global Forecast to 2024
Power Over Ethernet Lighting Market by Offering (Hardware, and Software and Service), Wattage Type (Up to 25W and Greater Than 25W), Application (Commercial, Industrial, and Residential), and Geography - Global Forecast to 2024
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Sanjay Gupta
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/covid-impact-on-smart-lighting-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/covid-impact-on-smart-lighting.asp