COVID-19 Impact on Smart Lighting Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030

COVID-19 Impact on Smart Lighting Market by Offering (Hardware, Software and Services); By Installation Type (New Installations and Retrofit Installations); By End-use Application (Indoor and Outdoor); and Region - Global Forecast to 2023 and Region – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030
Product Overview
Smart lighting is programmed to remotely control luminance. This guarantees energy conservation and provides automated controls and extremely effective fixtures that can be changed based on conditions such as occupancy and exterior lighting. Lighting is a deliberate use of light to give a room or a place a functional and aesthetic effect. Smart lightning systems also include general, ceiling lights, and task lighting. In addition to this, these systems ensure lower energy use and cost savings.
Market highlights
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 growing demand for specialty lighting applications, such as horticulture and UV disinfection lighting, the requirement for a greater number of healthcare facilities to handle an increasing number of patients and increasing demand for sterile areas of manufacturing in the pharmaceutical industry are the factors driving the growth of the smart lighting markets.
Smart Lightning Market: Segments

Services segment to grow at the highest CAGR in the forecast period of 2020-2030.
Services segment anticipated to be adversely affected as it goes hand in hand with the hardware segment. Nonetheless, the effect will be comparatively less depending on the design of the offering, which is largely controllable remotely (online). Due to the increasing construction of hospitals and clean rooms, the service segment is projected to increase by 2021 that will further boost the demand for support and repair services.
Smart Lightning Market: Market Dynamics 
Drivers
Demand for street lighting systems is rising
Technological advancements and innovations in various countries have reshaped the outdoor luminescence from on & off to smart lighting. Throughout the lighting industry, the introduction of IoT and AI technologies has increased the demand for smart lighting for city streets. This leads to an increase in the need for automated operating luminescence systems. The incorporation of artificial intelligence and IoT in lighting systems also offers operational effectiveness in different applications such as vertical farming, automotive interiors and smart homes, such as auto-dimming and intelligent illumination as needed.
Restraint
Supply chain disturbances generate high demand and supply gaps, and consequently higher prices
With this coronavirus, companies continue to face a significant shortage of electronic components as chips. The production equation for demand and supply is not working. As the plants are shut down and the logistics take time, certain products are in short supply. Company also do not see regularization of supply until the stabilization of the situation. The whole supply chain has gone for a toss, with every week that has passed, the existing inventory is has gone down.
COVID 19 Impact on Smart Lightning Market
The companies face 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.
Smart Lightning Market: Regions
Smart Lightning Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA. 
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. This promotes consumer adoption of smart lightning system in the region. Market growth is anticipated to be fostered by the region's smart city development programs along with the region's stable macroeconomic situation. Asia Pacific is anticipated to rise rapidly in the forecast period to hit an annual growth rate of more than 22%. During the forecast period the smart lighting market at APAC is projected to rise at the fastest CAGR. This growth is due to the accelerated building of infrastructure, primarily in China and India, where lighting system opens the way for infrastructure modernization. In addition, China has begun to recover from the pandemic faster than any other country. The fall in the price of LED lamps along with supporting policy measures is the major factor acting as a stimulus in aggregating the region’s demand for LED lamps.
Smart Lightning Market: Key Players
• Oracle Signify (Philips Lighting) (Netherlands)
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• 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)  
• Schneider Electric (France) 
• Other Prominent Players

The Smart Lightning Market report also contains analysis on:
• Smart Lightning Market Segments: 
 By Installation Type
• New Installation
• Retrofit
 By Offering
• Hardware
o Lights & Luminaires
 Smart bulbs
 Fixtures
o Lighting Controls
 LED drivers & ballasts
 Sensors
 Switches
 Manual on/off switches
 Electronic switches
o Dimmers
 Wired dimmers
 Wireless dimmers
o Relay units
o Gateways
• Software
o Local/Web-Based
o Cloud-Based
•  Services
o Pre-installation Services
o Post-installation Services
 By End-use Application
• Indoor
o Residential
o Commercial
o Industrial
o Others
• Outdoor
o Highways & Roadways Lighting
o Architectural Lighting
o Lighting for Public Places
• Smart Lightning Market Dynamics
• Smart Lightning Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints