COVID-19 Impact on the Smart Lighting Market by Offering, Installation Type, End-use Application and Region - Global Forecast to 2025 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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.

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.

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.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with the key experts.

Market Dynamics

Drivers

• Increasing Demand for Specialty Lighting Applications Such As Horticulture Lighting and Uv Disinfection Lighting
• Need for Large Number of Healthcare Facilities to Treat Increasing Number of Patients
• Rising Demand for Sterile Manufacturing Areas in Pharmaceuticals Industry

Restraints

• Disruptions in Supply Chain Creating High Demand-Supply Gap, and Ultimately Higher Prices
• Setback in Investments Hindering Growth of Both Indoor and Outdoor Lighting Verticals

Opportunities

• Potential Opportunities for New Vendors Due to Localization of Components in Long Run
• Opportunities for Poe-Based Lighting Solutions in Commercial and Healthcare Applications
  

Companies Profiled

• Signify N.V.
• Acuity Brands
• Osram
• Zumtobel Group Ag
• Legrand
• Ideal Industries
• Dialight Plc
• General Electric Company
• Schneider Electric
• Hubbell Incorporated

For more information about this report visit https://www.researchandmarkets.com/r/b5fo0r