COVID-19 Impact on Smart Lighting Market Outlook 2019-2030
- Author Name : IMR
- Publish Date : January 4, 2021
Global Smart lightning Market to Surge at 31% CAGR, Increasing Demand for Smart Lightning is due to greater number of healthcare facilities to handle an increasing number of patients and increasing demand for sterile areas of manufacturing in the pharmaceutical industry with UV disinfection lighting are the factors driving the growth of the smart lighting markets is anticipated to Propel Growth, says IMR
Post COVID-19 the size of the Smart Lighting Market is expected to rise from USD 9.9 billion in 2020 to USD 42 billion by 2030, at a CAGR of 31%. The progressive shift from conventional lighting to connected lighting, the growth of IoT (Internet of Things) technology in the domain of lighting control systems and the increasing demand for PoE-based lighting solutions in industrial and healthcare applications are anticipated to give significant opportunities for smart lighting market players in the coming years.
Advancing technology running on less resources has a strong demand in the current times. Most of the conventional devices are electronic or electrical, and run on sources of power and energy. The reduction of those energy sources has increased energy efficient systems growth. Smart lighting uses far less power than conventional lighting, which offers lucrative business opportunities for smart lighting.
While, the companies faces increased costs and supply chain disruptions due to the effects of COVID-19. This resulted in an increase of 3 percent in temporary charges on all LED electronics (including emergency products) and lamp electronics (magnetic and electrical ballast) for orders placed on or after April 1, 2020, or for future-dated shipments on orders placed in March. For instance, Legrand had established targets for 2020 to generate sustainable and profitable growth through its value-creating acquisition strategy, as well as achieving a cumulative increase of at least 4 per cent in the revenue consolidation area. But because of COVID-19, the company has postponed its 2020 expectations because it is largely dependent on North American and European markets to boost its revenue-generating sales. All companies are facing adversities due to supply chain disruptions and the shutdown of major production and manufacturing centers. The demand is also reducing and the advancements in technologies anticipated to take pace had to see a halt for the time being.
With a share of over 33% in 2019, Europe dominates the smart lighting market. The region’s strict state regulations prohibit the use of obsolete lighting technologies. A multiple phase-out program for ineffective lamps has been declared by the Region government. In addition, the region’s governments have also facilitated the use of LED lamps through the widespread distribution of LED lamps, along with tax rebates and subsidies.
Key Players in the Market :
Some of the key players operating in the smart lightning market are Oracle 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).
Get Valuable Insights into Smart Lightning Market
In the new report, Index Markets Research thrives to present an unbiased analysis of the global smart lightning market that covers the historical demand data as well as the forecast figures for the period, i.e. 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by offering into software, hardware and services. By installation type, the market is divided into new installations and retrofit installations. By end-use, the market is segmented into indoor and outdoor. Geographically, the market is segmented into North America, Latin America, Europe, APAC and MENA.
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