COVID-19 Impact on Smart Lighting Market by Offering, Installation Type | COVID-19 Impact Analysis

1. COVID-19 Impact on Smart Lighting Market by Offering, Installation Type | COVID-19 Impact Analysis | MarketsandMarkets COVID-19 Impact on 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. “Adversely impacted construction projects have caused a setback for new installation segment of lighting.” New installation projects mostly depend on new constructions, the probability of which is on the lower side even in the short term. However, the healthcare sector has a higher likelihood in these regards. As there are no tax benefits for retrofit installations (except the US–EPact 179D), we anticipate a sudden decline in retrofit installations across commercial and industrial verticals. Overall, both new installations and retrofit installations have taken a significant setback. “Shutdowns leading to a loss in production have resulted in a substantially negative impact on the hardware segment of the smart lighting market.” The hardware segment is profoundly affected due to the loss in production owing to shutdowns in China and other South Asian countries, which are the hubs of component manufacturing. Even local manufacturing companies are affected due to lockdowns and sealed borders. Companies have inventory for a fixed period, and industry experts are uncertain about the timeline it would take to bring the situation back to normal. “Lighting for public places is facing a high revenue drop.” In the outdoor application, lighting for public places segment is facing higher revenue drop in 2020 as compared to streets & roadways segment. Many sporting events across the world have been postponed or canceled because of the 2020 Coronavirus pandemic, including the 2020 Tokyo Olympics and Paralympics, which were postponed to 2021; 2020 UCI Cyclo-cross World Championships; 2020 FIBA International Cup and others. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=263723444 COVID-19 Impact on Smart Lighting Market Key Market Players 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. Signify Holding (Netherlands) is an industry leader in the smart lighting market space. The company’s market experience and brand name allow it to capitalize on the fundamental market dynamics in the lighting industry and deliver innovative solutions that create value and ensure its growth. The company has a huge advantage over its competitors in the smart lighting market due to is its extensive product portfolio, with lighting systems compatible with various connecting technologies ranging from DALI, KNX, and BACnet to ZigBee and EnOcean.

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