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

Smart lighting market for services to grow at the highest CAGR between 2020 and 2025." 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...

CHICAGO, 20/04/2020 (informazione.news - comunicati stampa - elettronica)

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

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.

COVID-19 Impact on Smart Lighting Market

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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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