COVID-19 Impact on Smart Lighting Market

Market Leadership - COVID-19 Impact on Smart Lighting Market

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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The rapid transition from traditional lighting to connected lighting, development of the Internet of Things (IoT) technology in the field of lighting control systems, and growing demand for PoE-based lighting solutions in commercial and healthcare applications are expected to provide major opportunities to the smart lighting market players in the coming years.

Smart lighting system manufacturers have adopted strategies such as product launches and developments, agreements, partnerships, collaborations, contracts, and joint ventures to grow in the smart lighting industry. For instance, in October 2019, Signify acquired Cooper Lighting Solutions from Eaton. This acquisition would strengthen its position in the North American lighting market.

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 (Philips Lighting N.V.) (Netherlands) was ranked first in the smart lighting market in 2019. It is an industry leader in the lighting market. 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.

Signify Holding (Netherlands) is an industry leader in the 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.

Legrand S.A. (France) was ranked second in the smart lighting industry in 2019. Legrand S.A. is a global specialist in electrical and digital building infrastructures. The company has a strong product portfolio pertaining to the smart lighting market. This enables the company to maintain its leading position in this market. Legrand focuses on growth strategies such as acquisitions, partnerships, and product launches.

Legrand had set targets for 2020 to achieve profitable and sustainable growth by its strategy of value-creating acquisitions, as well as aiming for a total increase of at least 4% in the scope of consolidation on sales. But due to COVID-19, the company has suspended its targets for 2020 since it is mostly dependent on North American and European markets to increase its sales for revenue generation.

Related Reports:

COVID-19 Impact on 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

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Report Code
SE 7605
RI Published ON
4/20/2020
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