Smart Lighting Market Worth $24.2 Billion by 2025
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.
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.
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