According to the research report titled ‘COVID-19 Impact on Global Smart Lighting Market Size study, by Installation Type (New Installations, and Retrofit), by Offerings (Hardware, Software and Services), by End-Use Applications (Indoor and Outdoor) and Regional Forecasts 2020-2026’, available with Market Study Report, global smart lighting market is expected to register significant growth during 2020-2026.
 

The research report on COVID-19 impact on global smart lighting industry states that rising adoption of specialized lighting systems for applications including UV disinfection and horticulture is a major factor driving the market growth. Need for sterile processing environment in pharmaceutical sector is further aiding the market expansion.
 

According to report COVID-19 impact on global smart lighting industry, consumer preference towards connected lighting over conventional lighting solutions and rising penetration of Internet of Things (IoT) technology are stimulating the industry outlook. Growing demand of PoE-based lighting solutions in healthcare and commercial applications is favoring the market scenario.
 

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Numerous manufacturers of smart lighting solutions are focusing on innovative product launches, partnerships, alliances, joint ventures and collaborations. In October 2019, for instance, Signify NV acquired Eaton-owned Copper Lighting Solutions in order to reinforce the company’s stake in North America market.
 

The unexpected spread of COVID-19 disease will result in sluggish growth in construction sector, which in turn may adversely impact the overall market growth. Unavailability of tax incentives for retrofitted facilities may also result in declining modernization of industrial and commercial establishments.
 

COVID-19 impact on global smart lighting market report divides the geographical landscape into Latin America, Europe, North America, Asia-Pacific and rest of the world. It further states that North America market is predicted to record commendable growth in the ensuing years, primarily driven by high concentration of regional as well as major companies.
 

Schneider Electric SE, Ideal Industries Inc., Dialight PLC, Hubbell Incorporated, Zumtobel Group, OsRam Licht AG, General Electric Company, Acuity Brands Inc., Legrand S.A. and Signify NV are the major industry players, as per COVID-19 impact on global smart lighting market report.