Impact of COVID-19 on Commercial lighting Market

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MarketsandMarkets Presents

Impact of COVID-19 on Commercial lighting
Market Commercial Lighting Market with COVID-19
Impact Analysis by Offering (Hardware, Software,
and Services), Installation Type (New and
Retrofit), End-use Application (Indoor and
Outdoor), Communication Technology, and Region -
Global Forecast to 2025 https//www.marketsandmar
kets.com/Market-Reports/commercial-lighting-market
-201955742.html
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The commercial lighting market is projected to
reach USD 21.8 billion by 2025 from USD 8.2
billion in 2020 it is expected to grow at a CAGR
of 21.5 during the forecast period. The most
significant factors driving the growth of this
market are the ongoing and upcoming smart city
projects in the developing countries, growing
focus of governments worldwide on energy
consumption, increasing acceptance of standard
protocols for lighting control systems,
escalating demand for LED lights and luminaires
for use in outdoor applications, and surging use
of integrated lighting control systems. Rapid
transition from traditional lighting to connected
lighting solutions and increased adoption of
PoE-based and solar lighting system are major
opportunities for the commercial lighting
market. Browse 127 market data Tables and 59
Figures spread through 236 Pages and in-depth TOC
on "Commercial Lighting Market with COVID-19
Impact Analysis - Global Forecast to 2025"
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Based on end-use application, the indoor segment
held the largest share of the commercial lighting
market in 2019. The market for indoor smart
lighting is expected to hold the larger share,
owing to the high demand in commercial space. In
these applications, smart lighting is an
essential element in creating a modern workspace
that attracts customers with changing
preferences. It continues helping owners to
create a flexible working environment, reduce
expenses, improve work efficiencies, and create
quality lighting that enhances the occupant
experience. Hence, the adoption of smart lighting
in commercial spaces is gaining more traction and
has a high opportunity in the near future due to
smart city initiatives by governments across the
world. Ask PDF Brochure https//www.marketsandma
rkets.com/pdfdownloadNew.asp?id201955742 The
wied communication technology segment projected
to account for a larger size of the commercial
lighting market during the forecast period. The
wired segment is estimated to continue to hold a
larger share of the commercial lighting market
during the forecast period. Wired technology
offers reliable performance and greater control.
However, the cost of wiring and installation is
high, especially in a commercial setting. This
high cost, therefore, acts as a restraining
factor for the adoption of wired technology-based
smart lighting solutions.
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Asia Pacific (APAC) is projected to be the
fastest-growing market for commercial lighting
market. This growth can be attributed to the
rapid infrastructure development activities being
undertaken in APAC, mainly in China, where smart
lighting solutions pave the way for the
modernization of infrastructure. Projects related
to infrastructure modernization and development,
such as smart cities, across the region would
also drive the demand for smart street lights,
thereby propelling the growth of the market for
commercial smart lighting in this region. The
increasing number of smart city and smart
infrastructure projects undertaken by the
governments will create several new opportunities
for energy-efficient lighting and advanced
lighting systems in the next few years. Request
Free Sample Pages https//www.marketsandmarkets.c
om/requestsampleNew.asp?id201955742 Key Market
Players Signify (Philips Lighting) (Netherlands)
Legrand S.A. (France) Acuity Brands, Inc. (US)
GE Current, a Daintree Company (US) OSRAM Licht
AG (Germany) Leviton Manufacturing Company, Inc.
(US) Lutron Electronics (US) Hubbell
Incorporated (US) LEDVANCE GmbH (Germany)
Schneider Electric SE (France) Ideal Industries,
Inc. (Cree Lighting) (US) and Zumtobel Group
(Austria)  are a few major players in the
commercial lighting market.
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Impact of COVID-19 on Commercial lighting
Market The outbreak of COVID-19 has
significantly impacted the lighting industry
owing to the lockdown across many countries and
disruptions in the supply chain. Thus, most of
the lighting OEMs and integrators are witnessing
a shortage of electronic components such as chips
and LED drivers. This has created an imbalance,
resulting in a demand-supply gap and an increase
in the prices of lighting products. For instance,
Signify has announced a temporary price hike on
all LED and lamp electronics as the costs in its
logistics chain is on the rise due to the
pandemic. Disruption in the supply chain would
create an imbalance in the demand-supply equation
and create pressure across entities in the smart
lighting ecosystem.
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