Press release
Human Centric Lighting Market to Witness Rapid Growth by Top Key Players Signify Lighting, OSRAM, Cree, Zumtobel
The global human centric lighting market size was valued at $0.91 billion in 2020, and is projected to reach $14.95 billion by 2030, registering a CAGR of 33.50%. North America is expected to be the leading contributor to the global market during the forecast period, followed by Europe and Asia-Pacific.
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Human centric lighting is a lighting solution that puts the focus on bringing the dynamics of natural daylight back into people's everyday lives through biologically effective artificial lighting. Human centric lighting goes beyond the basic visual needs of people and helps the human body to stay aligned with natural circadian rhythms. In addition, human centric lighting supports human health, well-being, and performance through deterministic and holistic planning and implementation of visual, emotional, and in particular, biological effects of light.
The emergence of advanced lighting technologies, including LEDs, smart bulbs, and intelligent fixtures is promoting the implementation of smart & controllable light systems, enhancing the market share. LEDs offer huge energy savings, flexibility, and reliability, and are now entering nearly every application in the environment. Reduction in energy consumption and its subsequent cost are the key factors making LED a preferred choice over conventional lights.
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In addition, several leading manufacturers are focusing on strategic partnerships and product portfolio expansion to enhance their market share. For instance, in December 2020, signify entered into a partnership with Honeywell to deploy smart and integrated lighting solutions for commercial buildings. This partnership will help the companies to extend their services to mass audience.
The prominent factors that impact the human centric lighting market growth are increase in need for energy-efficient lighting, high development of smart lighting system, and high usage of LED lighting solutions.
However, high installation and maintenance cost restricts the market growth. On the contrary, rising adoption of wireless technology for lighting system is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the global human centric lighting industry during the forecast period.
Region-wise, the human centric lighting market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to rapid urbanization and infrastructure activities. Leading countries such as China, India, and Japan are witnessing significant demand for human centric lighting systems from commercial, residential, and healthcare applications, thereby driving the market growth in Asia-Pacific. The overall human centric lighting market analysis is determined to understand the profitable trends to gain a stronger foothold.
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The key players profiled in the report include Signify Lighting NV (Netherlands), OSRAM AG (Germany), Cree, Inc. (U.S.), Acuity Brands, Inc. (U.S.), Legrand SA (France), Hubbell Inc. (U.S.), Philips N.V. (Netherlands), Lutron Electronics Co., Inc. (U.S.), and Zumtobel Group AG (Austria), and Wipro Enterprises Ltd., (India). These players have adopted various strategies, such as partnership, agreement, expansion, and product launch, to expand their foothold in the human centric lighting industry.
Key Findings of The Study
• In 2020, the hardware segment accounted for maximum revenue and is projected to grow at a notable CAGR of 31.50% during the forecast period.
• The retrofit installation segment accounted for more than 45% of the global human centric lighting market share in 2020.
• The residential segment witnesses the highest growth rate during the human centric lighting market forecast period.
• Germany was the major shareholder in the Europe human centric lighting market revenue, accounting for approximately 35% share in 2020.
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