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COVID-19 Impact on Smart Lighting Market worth $24.2 billion by 2025

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COVID-19 Impact on Smart Lighting Market worth $24.2 billion by 2025

April 21
17:26 2020

Post COVID-19 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.

On the other hand, factors such as disruptions in the supply chain and setback in end-use investments are restraining the growth of the smart lighting market. However, 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 industry players in the coming years.

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Among offerings, the smart lighting market for services is expected to grow at the highest CAGR during the forecast period. The growth of the services segment is driven mainly by the rising adoption of smart lighting solutions and the use of lighting services to reduce energy costs and achieve energy conservation and ecological safety. The growth of the market for services is also ascribed to high demand for engineering, consulting, and analytical services pertaining to smart lighting among end-users.

The indoor lighting application segment holds a larger share in the smart lighting market. 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 to indoors, the demand for smart lighting in the residential segment has the scope to increase.

The smart lighting market 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. The modernization and development of infrastructure such as smart cities across the region, coupled with government policies to support energy-efficient lighting, would also drive the demand for smart street lights, thereby driving the market for smart lighting in this region. Moreover, China has started to recover from the COVID-19 pandemic faster than any other country.

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