[98 Pages Report] Post 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.
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.
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.
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.
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.
Further, due to the impact of COVID-19, the company is facing additional costs in its logistics chain. This has resulted in an increase in temporary charges of 3% on all LED electronics (including emergency products) and lamp electronics (magnetic and electronic ballasts) for orders placed from April 1, 2020, onwards, or for future-dated shipments on orders placed in March.
Market size available for years
Base year considered
Forecast units (for market in terms of value)
USD million, USD billion
Installation type, Offering, end-use application, and geography
North America, Europe, APAC and RoW
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)
Note: Lighting controls include smart switches market, smart light bulb market, and smart dimmer market.
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 11)
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 (Page No. - 17)
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 (Page No. - 22)
4 IMPACT OF COVID-19 ON SMART LIGHTING: MARKET DYNAMICS (Page No. - 26)
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 (Page No. - 30)
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 (Page No. - 33)
6.2 NEW INSTALLATIONS
6.3 RETROFIT INSTALLATIONS
6.4 KEY INSIGHTS ON IMPACT OF COVID-19
7 COVID-19 IMPLICATIONS ON BUSINESSES: OFFERINGS (Page No. - 36)
7.5 KEY INSIGHTS ON IMPACT OF COVID-19
8 COVID-19 IMPLICATIONS ON SMART LIGHTING APPLICATIONS AND IMPACT ON CLIENTS (Page No. - 42)
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 (Page No. - 51)
9.2 NORTH AMERICA
9.2.4 KEY INSIGHTS ON IMPACT OF COVID-19
9.3.5 REST OF EUROPE
9.3.6 KEY INSIGHTS ON IMPACT OF COVID-19
9.4.5 REST OF APAC
9.4.6 KEY INSIGHTS ON IMPACT OF COVID-19
9.5.1 MIDDLE EAST & AFRICA
9.5.2 SOUTH AMERICA
9.5.3 KEY INSIGHTS ON IMPACT OF COVID-19
10 COMPANY PROFILES (Page No. - 75)
10.1.1 REVENUE OF KEY PLAYERS DROP DURING 2007–2009 RECESSION: AN INDICATION?
(Business Overview, Products/Solutions Offered, Key Application Areas, Key Announcements, and MnM View)*
10.2 KEY PLAYERS
10.2.1 SIGNIFY N.V. (PHILIPS LIGHTING N.V.)
10.2.2 ACUITY BRANDS
10.2.4 ZUMTOBEL GROUP AG
10.2.6 IDEAL INDUSTRIES (CREE LIGHTING)
10.2.7 DIALIGHT PLC
10.2.8 GENERAL ELECTRIC COMPANY
10.2.9 SCHNEIDER ELECTRIC
10.2.10 HUBBELL INCORPORATED
*Details on Business Overview, Products/Solutions Offered, Key Application Areas, Key Announcements, and MnM View might not be captured in case of unlisted companies.
11 APPENDIX (Page No. - 92)
11.1 DISCUSSION GUIDE
11.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
11.3 AVAILABLE CUSTOMIZATIONS
11.4 RELATED REPORTS
11.5 AUTHOR DETAILS
LIST OF TABLES (10 TABLES)
TABLE 1 SMART LIGHTING MARKET, BY INSTALLATION TYPE, 2017–2025 (USD MILLION)
TABLE 2 SMART LIGHTING MARKET, BY OFFERING, 2017–2025 (USD MILLION)
TABLE 3 SMART LIGHTING MARKET, BY APPLICATION, 2017–2025 (USD MILLION)
TABLE 4 SMART LIGHTING MARKET FOR INDOOR APPLICATION, BY TYPE, 2017–2025 (USD MILLION)
TABLE 5 SMART LIGHTING MARKET FOR OUTDOOR APPLICATION, BY TYPE, 2017–2025 (USD MILLION)
TABLE 6 SMART LIGHTING MARKET, BY REGION, 2017–2025 (USD MILLION)
TABLE 7 SMART LIGHTING MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2025 (USD MILLION)
TABLE 8 SMART LIGHTING MARKET IN EUROPE, BY COUNTRY, 2017–2025 (USD MILLION)
TABLE 9 SMART LIGHTING MARKET IN APAC, BY COUNTRY, 2017–2025 (USD MILLION)
TABLE 10 SMART LIGHTING MARKET IN ROW, BY REGION, 2017–2025 (USD MILLION)
LIST OF FIGURES (47 FIGURES)
FIGURE 1 COVID-19 GLOBAL PROPAGATION
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
FIGURE 3 COUNTRIES BEGIN WITH SIMILAR TRAJECTORIES BUT CURVES DEVIATE BASED ON MEASURES TAKEN
FIGURE 4 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
FIGURE 5 CRITERIA IMPACTING GLOBAL ECONOMY
FIGURE 6 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY
FIGURE 7 SMART LIGHTING MARKET: PROCESS FLOW OF MARKET SIZE ESTIMATION
FIGURE 8 DATA TRIANGULATION
FIGURE 9 ASSUMPTIONS OF RESEARCH STUDY
FIGURE 10 SMART LIGHTING MARKET TO WITNESS CONSIDERABLE HIT IN 2020 DUE TO COVID-19 PANDEMIC
FIGURE 11 SMART LIGHTING MARKET FOR SERVICES TO CONTINUE TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 12 LEAST IMPACTED INDOOR APPLICATION EXPECTED TO CONTINUE TO HOLD LARGER SIZE OF SMART LIGHTING MARKET DURING FORECAST PERIOD
FIGURE 13 NEW INSTALLATIONS TO HOLD LARGER SIZE OF SMART LIGHTING MARKET IN 2025
FIGURE 14 APAC TO WITNESS HIGHEST GROWTH DURING FORECAST PERIOD
FIGURE 15 SMART LIGHTING MARKET: DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 16 SMART LIGHTING: ECOSYSTEM
FIGURE 17 SMART LIGHTING MARKET: SUPPLY CHAIN
FIGURE 18 SMART LIGHTING MARKET, BY INSTALLATION TYPE
FIGURE 19 NEW INSTALLATIONS- SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 20 RETROFIT INSTALLATIONS- SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 21 SMART LIGHTING MARKET, BY OFFERING
FIGURE 22 SMART LIGHTING MARKET, BY HARDWARE
FIGURE 23 HARDWARE-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 24 SMART LIGHTING MARKET, BY SOFTWARE
FIGURE 25 SOFTWARE-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 26 SMART LIGHTING MARKET, BY SERVICE
FIGURE 27 SERVICE-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 28 SMART LIGHTING MARKET, BY APPLICATION
FIGURE 29 INDOOR APPLICATION-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 30 RESIDENTIAL APPLICATION-SCENARIO ANALYSIS: PRE-COVID -19 AND POST-COVID-19
FIGURE 31 COMMERCIAL APPLICATION-SCENARIO ANALYSIS: PRE-COVID -19 AND POST-COVID-19
FIGURE 32 INDUSTRIAL APPLICATION-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 33 OUTDOOR APPLICATION-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 34 LIGHTING FOR STREETS & ROADWAYS-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 35 LIGHTING FOR PUBLIC PLACES-SCENARIO ANALYSIS: PRE-COVID -19 AND POST-COVID-19
FIGURE 36 USE CASE: SHIFT IN CLIENTS’ REVENUES: WITH EXTENDED LENS ON GROW LIGHTS
FIGURE 37 SMART LIGHTING MARKET, BY GEOGRAPHY
FIGURE 38 NORTH AMERICA-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 39 US-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 40 EUROPE-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 41 UK-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 42 GERMANY-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 43 APAC-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 44 CHINA-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 45 JAPAN-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 46 ROW-SCENARIO ANALYSIS: PRE-COVID-19 AND POST-COVID-19
FIGURE 47 KEY PLAYERS REVENUE DROP DURING 2007–2009 RECESSION
The study involved both secondary and primary research processes in estimating the current size of the global smart lighting market. Exhaustive secondary research was done to collect information on the market, the peer markets, the parent market, and the impact of COVID-19. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources include corporate filings (such as annual reports, press releases, investor presentations, and financial statements); trade, business, and professional associations; white papers, smart lighting system-based marketing-related journals, certified publications, and articles from recognized authors; gold and silver standard websites; directories; and databases. Secondary data has been collected and analyzed to arrive at the overall market size, which has further been validated through primary research. The secondary data has been gathered and analyzed to arrive at the global smart lighting market size, which has further been validated by primary research.
In the primary research process, various primary sources from the supply and demand sides have been interviewed to obtain the qualitative and quantitative information relevant to this report. Primary sources from the supply side include key industry participants, subject matter experts (SMEs), C-level executives of key companies, and consultants from various key companies and organizations operating in the smart lighting market.
Primary research has also been conducted to identify segmentation types and key players, as well as to analyze the competitive landscape, key market dynamics (drivers, restraints, and opportunities), and major growth strategies adopted by market players. During market engineering, both top-down and bottom-up approaches have been extensively used, along with several data triangulation methods, to estimate and forecast the market, including the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analyses have been performed during the complete market engineering process to list the key information/insights throughout the report. Primary data has been collected through questionnaires, e-mails, and telephonic interviews.
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In the market engineering process, both top-down and bottom-up approaches, along with several data triangulation methods, have been used to estimate and validate the size of the overall smart lighting market and other dependent submarkets listed in this report. Extensive qualitative and quantitative analyses have been performed during market engineering to list key information/insights.
Major players in the smart lighting market have been identified through secondary research, and their market ranking has been determined through primary and secondary research. This involved studying the annual and financial reports of top market players and interviews with industry experts (such as CEOs, vice presidents, directors, and marketing executives) for key insights—both quantitative and qualitative.
All percentage shares, splits, breakdowns, and COVID-19 impact estimation have been determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in the smart lighting market report.
After arriving at the overall market size through the process explained above, the total smart lighting market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs. The following customization options are available for the smart lighting market report.