COVID-19 Pandemic Impact on Global Smart Lighting Market 2020–2024|Technavio
The smart lighting market is expected to register a CAGR of almost 16% during 2020–2024, as per the latest research report by Technavio. The report offers detailed analysis about the impact of COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
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Due to the extensive spread of the virus across the globe, the Industrials Industry is anticipated to have Negative impact. The smart lighting market will showcase Negative impact during 2020–2024.
Smart Lighting Market 2020–2024: Segmentation
Smart Lighting Market is segmented as below:
- Application
- Geography
- Commercial
- Public Infrastructure
- Residential
- Others
- Europe
- North America
- APAC
- South America
- MEA
Europe region will account for the highest incremental growth during the forecast period due to the ban on inefficient lighting sources, availability of government subsidies to manufacture LEDs, and the presence of several vendors.
With the surging growth of COVID-19 pandemic, the Industrials market is anticipated to have an Indirect impact during the forecast period. View market snapshot before purchasing
Increasing adoption of LEDs has been an instrumental factor in influencing the growth of smart lighting market. Other market drivers include rising need for light dimming. Technavio offers custom research analysis on the crucial pointers to highlight the impact of COVID-19 on the market across the supply chain.
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, base case and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis as the spread reaches a global level and updates on market estimates
Get more insights about the global trends impacting the future of smart lighting market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR43717
Smart Lighting Market 2020–2024: Vendor Analysis
The smart lighting market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Key players in the market have been launching several initiatives and introducing innovative products and services to cater a larger target audience during the pandemic. Major market participants include Acuity Brands Inc., Bridgelux Inc., Eaton Corp. Plc, Electricite de France SA, General Electric Co., IDEAL INDUSTRIES Inc., OSRAM Licht AG, Signify NV, TVILIGHT Projects BV, and Zumtobel Group AG.
