Global Smart Lighting and Control Systems Market to 2027: Market is Forecast to Recover and Reach $93.2 Billion

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Dec 29, 2020, 06:30 ET

DUBLIN, Dec. 29, 2020 /PRNewswire/ -- The "Smart Lighting and Control Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

A Decimated Global Economy Leave Smart Lighting & Control Systems Market High & Dry. Revenues Shrink by -11.9%

The global market for Smart Lighting & Control Systems is expected to decline by -11.9% in the year 2020 and thereafter recover and grow to reach US$93.2 billion by the year 2027, trailing a post COVID-19 CAGR of 14.7% over the analysis period 2020 through 2027. COVID-19 has pushed the global economy into the steepest recession ever with GDP growth nosediving by -4.9%, shaving off over US$7 trillion in value.

Although the pandemic has highlighted the importance of smart technologies in building resilience against disruptions, financial constraints are impeding immediate technology investments. As new construction projects take a hit, novel installations of lighting is dwindling. In industrial and commercial settings, there is likely to be a decrease in retrofit installations, given that there are no tax advantages for such installations. New as well as retrofit installations have declined due to the impact of the pandemic situation.

Due to the pandemic, several key sporting events globally such as the 2020 UCI Cyclo-cross World Championships, the 2020 Tokyo Olympics and Paralympics, and the 2020 FIBA International Cup, among others were cancelled or postponed, affecting smart lighting demand. Further, smart lighting hardware was affected by reduced manufacturing, on account of shutdowns especially in China and in South Asian countries that are the key centers for component production. While the healthcare industry is likely to deliver a decent performance, lack of tax rebates for retrofit installations is expected to reduce investment in retrofit installations in industry and commercial verticals.

The hardware segment of the market is considerably affected by lockdowns and shutdown of various units in China and various South Asian nations, leading to losses in terms of production. Lockdowns along with decisions to seal borders by various countries inhibited local manufacturers with limited inventory. Falling consumer demand on the back of rising unemployment rates & erosion in household wealth coupled with second wave of re-infections are keeping business confidence low and capital spending muted. As companies brace for impact and switch to survival mode, spending on smart lighting & control systems will slump in the year 2020.

In the post COVID-19 period, growth recovery will be led by improving demand for specialty lighting solutions such as UV disinfection lighting, horticulture lighting, growing need for sterile production areas in the pharmaceutical sector, and the requirement for more healthcare facilities for accommodating the rising patient numbers.

Smart lighting solutions will also be part of recovery plans of European countries. The EC considers that buildings that quickly adopt smart technologies such as connected lighting will be able to reap benefits of digitalization and also be able to better deal with the pandemic importantly, without compromising on the climate friendly goals. For all the member states of the EU therefore, smart lighting technologies adoption would be one of the important focus points in their recovery and resilience plans.

Financial support during the 2021-2027 time period and the support to be provided through the NextGenerationEU will be directed towards repairing social and economic impacts of the pandemic. The total budget set for this is more than €1.8 trillion.

Connected, Smart Street lighting for instance can future-proof cities by offering IoT infrastructure across the cities for more effectively providing public services. Connected street lighting systems would be able to remotely monitor and control luminaires through a centralized application. Furthermore, smart poles could also be used as service nodes for IT, for Wi-Fi and for housing 4G and 5G. Streetlights can also be integrated with cameras, sensors and microphones that can aid in crime detection and prevention of accidents.

Emergency services would be automatically alerted. Smart street lighting can also decrease/ increase brightness based on footfall, which helps public feel safer. Smart lighting in work places could lead to increased productivity while at home, it could increase comfort levels for residents. Thus, by being able to change intensity and temperature of color, smart lighting can also stimulate energy levels, providing a sense of wellbeing to residents/ employees.

Businesses can also make use of the sensors embedded in smart lighting to effectively monitor work environment in addition to optimizing conditions for wellbeing and health of employees. Organizations can monitor temperature, occupancy rates, daylight levels, noise levels, humidity levels etc., which help in creating a healthier work place and reducing absenteeism.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of COVID-19 Pandemic and Looming Global Recession
COVID-19 Pandemic Impacts Smart Lighting Market
Home Office Trend Drives Demand for Lighting Solutions with Smart Features
Smart Lighting Solutions to be part of Recovery Plans of European Countries
IoT- and LED-Powered Platforms to Allow Safe Return of People to Workplaces
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
An Introduction to Smart Lighting & Control Systems
Smart Lighting: Energy-Efficient, Dynamic, Digital, and Connected
Global Market Prospects & Outlook
LEDs Continue to Gain Over Other Smart Lighting Technologies
Developed Regions Lead, Developing Nations to Boost Long-term Growth
Competition
Product Differentiation: The Key to Success
Effective Marketing Strategies: A Must for Success in the Marketplace
Technology and Other Risks Faced by Vendors in the Smart Lighting Business
Smart Lighting Controls Market: Competitive Landscape
Startups Exhibit Growing Interest in Smart Lighting Market
World Brands
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

Acuity Brands Lighting Inc.
Belkin International, Inc.
Eaton Corporation PLC
General Electric Company
Honeywell International, Inc.
Koninklijke Philips NV
LiFI Labs, Inc. (LIFX)
LightwaveRF Plc
Lutron Electronics Co., Inc.

3. MARKET TRENDS & DRIVERS

Superior Attributes of Smart Lighting over Traditional Lighting to Boost Market Prospects
Prominent Technologies with Potential to Transform Lighting Industry
IoT and Artificial Intelligence Gain Significance in Lighting Applications
Convergence of IoT and Lighting Devices
Emphasis on Achieving Energy and Cost Savings amidst Spiraling Electricity Consumption: The Fundamental Growth Driver
Transforming Effect of Smart, Intelligent, and Intuitive Lighting on Human Life Drives Market Expansion
Smart Intelligent LED Lighting Catalyzes Growth Prospects
LED and Other Lighting Technologies: A Comparison
Connected, Embedded, and Sustainable Lighting Drive Enormous Changes in Luminaire Design and Functionality
Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Lighting Products
Smart Lighting Systems Find High Demand from Street Lighting Networks
Connected Street Lighting to Surge Post Pandemic
New Smart City Projects Spur Market Growth for Smart Street Lighting Systems
Connected Lighting to Witness Emergence of Several New Trends
Consumer Spending on Smart Home Technologies Presents Opportunities for Smart Lighting Solutions
Increasing Adoption of LEDs in Innovative Niche Lighting Markets Favor Market Expansion
Controls: Augmenting the Intelligent Quotient of Smart Lighting
Lighting Controls Offer Higher Savings, Energy Efficiency, and Space Efficiency
Convenience & Advances Boost Popularity of Wireless Lighting Controls
Controls for Connected, Intelligent, and Advanced LED luminaires
Commercial Lighting: Adoption of Smart Lighting Systems Surges As a Measure to Cut Energy Costs
Lighting Technology Advancements for Commercial Buildings
Connecting End-to-End Building Systems Using Smart Lighting
Residential Sector: A Potential Laden Application Segment in the Long Run
Smart Lighting for Homes Surges amidst the Pandemic
Demand Rises for Smart, Energy Efficient Lighting Systems in Industrial Applications
Specialty Lighting Applications to Boost Demand for Smart Lighting Systems
UV Light Emerges as Important Weapon in War against COVID-19 Pandemic
Smart Lighting Deployments Gain Momentum in Government Buildings and Public Lighting
Smart Lighting Solutions to Meet Needs of Healthcare Facilities
Advances in Lighting System & Controls Drive Adoption in Healthcare Facilities
Introduction of Interoperable Communication Networks Fuels Demand for Wireless Lighting Devices
Advent of Novel Standards Fuel Demand for Bluetooth-Enabled Communication Devices
Technology Advancements in Smart Lighting & Controls to Boost Market Prospects
Li-Fi to Emerge as Game Changer
OLED Lighting Remains a Niche Category
Horticulture Lighting with Smart LEDs for Enabling City Farming
Ongoing Covid-19 Pandemic Fuels Demand for Touch Free LED Lighting Devices
Government Policies Spur Adoption of Energy Efficient Lighting Solutions, Spur Opportunities for Smart Lighting Market
Impact of COVID-19 on the Construction Sector Tones Down Near-term Growth Prospects
Demographic Trends Influence Market Prospects
Urbanization Drives Need for Efficient, and Longer Lasting Smart Lighting Solutions
Growing Middle Class Population
Improving Standards of Living
Key Challenges Hampering Market Prospects for Smart Lighting

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 63

For more information about this report visit https://www.researchandmarkets.com/r/zfknws

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