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Smart Lighting Market to witness a CAGR of 29.6% from 2022 to 2025
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Company Profiles:
CREE, INC
Hubbell Lighting, Inc.
GE Lighting, LLC
OSRAM Licht AG
Royal Philips NV
Acuity Brands Lighting, Inc.
Honeywell International Inc.
Panasonic Corporation
Schneider Electrical S.E
Eaton Corporation
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The Impact of COVID-19 on the smart lighting market
The outbreak of novel COVID-19 and its variations wreaked havoc on the smart lighting market in 2020 and 2021. As a result, the smart lighting sector suffered significant financial losses. However, the market is likely to grow significantly due to new product launches by manufacturers in early 2022. Market players are focusing on growing their dealer networks in undeveloped regions to increase net sales and accelerate market growth.
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Asia-Pacific to record Significant Market Growth
The Asia-Pacific region has seen substantial expansion in the smart lighting market in the recent years, and it is projected to have the strongest growth throughout the forecast period. Development of smart infrastructure in the region, increasing use of smart lighting framework, and increasing government investments in public infrastructure are driving market growth in the region. Because the Indian housing business is one of the fastest expanding industries, India is likely to be a big contributor to market growth. The country's Smart City Mission for 100 cities is boosting the demand for smart lighting. Smart City Initiatives are likely to fuel market growth throughout the forecast period.
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