COVID-19 Impact on Smart Lighting Market Worth $24.2 Billion by 2025 - Exclusive Report by MarketsandMarkets™

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.

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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.

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12 – Tables
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"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.

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