Signify SWOT and PESTLE Analysis

Strength

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Weakness

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Opportunity

1. Hospitality industry is opting for LED and IoT green upgrades, thereby increasing LED demands: The Paris agreement requires the hospitality industry to curb its carbon and GHG (Green House Gas) emissions by 66% as early as 2030, and subsequently achieve carbon neutrality by 2050. The hospitality industry is upgrading its infrastructure to reduce energy usage and emissions as much as possible. The hospitality industry aims to be more energy-efficient, hence adding more IoT (Internet of Things) based solutions in its hotels and lounges to reduce the usage of electric appliances in case of no occupancy. Advanced lighting solutions help turn lights on in case of occupancy. The IoT solutions also help in providing comfort by adjusting the thermostats to ambient temperature automatically. This helps to save energy. Signify provides an interactive hospitality solution that helps save 28% of energy and its green mode helps achieve an additional 10% saving. Signify is expected to see a rise in demand for this product as hotels continue to upgrade their infrastructure.

2. Leading player in the UV-C technology market, catering to the surged demand following the pandemic: Since the pandemic, the UV-C light LED market has witnessed a rise in demand, this is mainly due to the reason that this light source can reduce or inactivate 99% of SARS-CoV-2 virus in six seconds in a given room. This has found its applications in disinfecting small and medium-sized stores as well as meeting rooms and public vehicles. The UV-C based lamps are also installed in offices to sterilize cabins. Many manufacturers such as LG and Innotek have been selling similar products to the Republic of Korea before the pandemic. The market for UV-C based lighting products was estimated at $144 million in 2019 and is now expected to reach $2.5 billion by 2025. The sudden increase in demand has been attributed to the pandemic. Signify has partnered with Boston University to develop UV-C light-based LED products, the production of which has been ramped up in anticipation of the new opportunities.

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Threat

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Political

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Economic

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Social

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Technological

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Legal

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Environmental

1. Lighting Industry is gradullay progressing towards carbon neutrality by 2025: The Paris agreement and United Nation’s SDG (Sustainable Development Goals) have inspired many industries to reduce their carbon and GHG (Green House Gas) emissions. The lighting industry is one of them. Signify focuses on improving its supply chain, upgrading operations to energy-saving mode, and reducing its emissions with the help of science-based targets. They are also opting for renewable sources of energy for their facilities. Signify tries to create products that are energy-efficient which in turn allow customers to reduce their energy usage. It has switched to using renewable energy sources in its Texas and Poland facilities; it has also implemented solar energy-fueled systems in its Middle Eastern facilities. The company’s manufacturing plants have reduced carbon emission by 46% and offices by 92% since its 2015 levels. Signify expects to double its pace of achieving the Paris agreement goals by 2025, become carbon neutral, and say no to waste landfills.

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