DUBLIN, April 28, 2020 /PRNewswire/ -- The "COVID-19 Impact on the Smart Lighting Market by Offering (Hardware, Software and Services), Installation Type (New Installations and Retrofit Installations), End-Use Application (Indoor and Outdoor), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Pre-COVID-19, the smart lighting market was estimated to grow from USD 13.4 billion in 2020 to USD 30.6 billion in 2025. Post-COVID-19, the smart lighting market is valued at USD 9.4 billion in 2020 (a drop by ~15% as compared to the market size estimated for 2020 Pre-COVID-19) and is projected to reach USD 24.2 billion by 2025; it is expected to grow at a CAGR of 20.9% during the forecast period.
This report covers the COVID-19 impact on the smart lighting market based on installation type, offering, end-use application, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products, and services, and key strategies associated with the smart lighting market.
Increasing demand for specialty lighting applications to drive the growth of the smart lighting market.
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.
Smart lighting market for services to grow at the highest CAGR between 2020 and 2025.
The services segment is expected to be adversely 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 rising construction of hospitals and clean rooms, which will further drive 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 share in the smart lighting industry. The impact of COVID-19 on residential lighting sales is expected to be on a lower side as 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 scope to increase.
The smart lighting industry in APAC expected to grow at the highest CAGR during the forecast period.
The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. This growth is attributed to rapid infrastructure building activities, 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 global 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.
Key Topics Covered
1.1 COVID-19 Health Assessment
1.2 COVID-19 Economic Assessment
1.2.1 COVID-19 Impact on Economy - Scenario Assessment
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
126.96.36.199 Breakdown of Primaries
188.8.131.52 Key Industry Insights
2.2 Market Breakdown and Data Triangulation
2.3 Research Assumptions
3 Executive Summary
4 Impact of COVID-19 on Smart Lighting: Market Dynamics
4.1 Market Dynamics
184.108.40.206 Increasing Demand for Specialty Lighting Applications Such As Horticulture Lighting and UV Disinfection Lighting
220.127.116.11 Need for Large Number of Healthcare Facilities to Treat Increasing Number of Patients
18.104.22.168 Rising Demand for Sterile Manufacturing Areas in Pharmaceuticals Industry
22.214.171.124 Disruptions in Supply Chain Creating High Demand-Supply Gap, and Ultimately Higher Prices
126.96.36.199 Setback in Investments Hindering Growth of Both Indoor and Outdoor Lighting Verticals
188.8.131.52 Potential Opportunities for New Vendors Due to Localization of Components in Long Run
184.108.40.206 Opportunities for POE-Based Lighting Solutions in Commercial and Healthcare Applications
5 Impact of COVID-19 on Ecosystem and Extended Ecosystem of Smart Lighting
5.1 Smart Lighting Ecosystem
5.2 COVID-19 Impact on Supply Chain
5.2.1 Implications on Raw Material Providers/Input Suppliers
5.2.2 Implications on Original Equipment Manufacturers
5.2.3 Implications on System Integrators and Service Providers
5.2.4 Implications on Distributors and Sales Channels
5.2.5 Implications on Applications
6 COVID-19 Implications on Businesses: Installation Types
6.2 New Installations
6.3 Retrofit Installations
6.4 Key Insights on Impact of COVID-19
7 COVID-19 Implications on Businesses: Offerings
7.5 Key Insights on Impact of COVID-19
8 COVID-19 Implications on Smart Lighting Applications and Impact on Clients
8.2.4 Key Insights on Impact of COVID-19
8.3.1 Lighting for Streets & Roadways
8.3.2 Lighting for Public Places
8.3.3 Key Insights on Impact of COVID-19
8.4 Potential Shift in Clients' Revenues
9 Geographic Analysis
9.2 North America
9.2.4 Key Insights on Impact of COVID-19
10 Company Profiles
10.1.1 Revenue of Key Players Drop During 2007-2009 Recession: An Indication?
10.2 Key Players
10.2.1 Signify N.V.
10.2.2 Acuity Brands
10.2.4 Zumtobel Group AG
10.2.6 Ideal Industries
10.2.7 Dialight PLC
10.2.8 General Electric Company
10.2.9 Schneider Electric
10.2.10 Hubbell Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/u9kar3
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