Human Centric Lighting Market Report 2024 - Human Centric Lighting Market Share And Size

"The Business Research Company recently released a comprehensive report on the Global Human Centric Lighting Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The human centric lighting market size has grown exponentially in recent years. It will grow from $1.72 billion in 2023 to $2.18 billion in 2024 at a compound annual growth rate (CAGR) of 27.2%. The growth in the historic period can be attributed to the rise in urbanization, rise in remote work, growth in the aging population, rise of smart lighting systems, and growing adoption of home automation solutions.

The human centric lighting market size is expected to see exponential growth in the next few years. It will grow to $5.75 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. The growth in the forecast period can be attributed to increasing awareness of circadian rhythm benefits, rising demand for workplace well-being initiatives, increasing establishments of elderly homes, increasing focus on green building practices, and growing focus on energy efficiency. Major trends in the forecast period include technological advancements, the adoption of dynamic lighting scenes, light therapy solutions, advanced Internet of Things technology, artificial intelligence and machine learning, and advanced sensors.

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Market Drivers and Trends:
The increasing initiatives towards establishing smart cities are expected to propel the growth of the human-centric lighting market. A smart city is an urban area that uses advanced technology and data-driven solutions to enhance the quality of life for its residents, improve efficiency in urban operations, and promote sustainable development. The growth of smart cities is driven by a convergence of technological innovation, urban development needs, policy support, private sector involvement, and community engagement. Human-centric lighting is a crucial component of smart city development, helping to create urban environments that support residents' health, productivity, and overall well-being through adaptive, biologically optimized lighting systems. For instance, in June 2024, according to the Press Information Bureau, an Indian-based government agency, the smart cities mission in India has achieved significant advancements in 100 cities, with a total of 8,013 projects approved at a cost of ?1,64,158 crore ($19.66 billion), of these, 7,157 projects have been completed, amounting to ?1,43,958 crore ($12.24 billion). Therefore, increasing initiatives towards establishing smart cities will drive the human-centric lighting market.

Major companies operating in the human-centric lighting market are focused on developing innovative products, such as RAPID lighting control systems, and adjusting lighting based on occupancy, daylight availability, and user preferences in real-time. Responsive artificial intelligence platforms for intelligent lighting design (RAPID) lighting control systems are advanced technologies designed to optimize lighting environments based on real-time data and user needs. For instance, in May 2021, Legrand, a France-based company specializing in building infrastructure and electrical work, introduced Circadian Lighting Control as part of their Rapid Lighting Control System. The system integrates advanced sensors that monitor real-time occupancy and daylight levels, enabling precise lighting intensity and color temperature adjustments. This capability ensures optimal lighting conditions tailored to individual preferences, promoting a comfortable and productive environment.

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Major Key Players of the Market:
Eaton Corporation, Legrand, Signify, Hubbell Incorporated, Acuity Brands Inc., Osram GmbH, Zumtobel Group AG, LEDVANCE GmbH, Seoul Semiconductor Co. Ltd., Fagerhult Group, Trilux GmbH & Co. KG, Lutron Electronics Co. Inc., Cree Lighting, ERCO GmbH, Schréder Group, Beghelli S.p.A., Helvar Ltd., Delta Light NV, GE Lighting, Xicato Inc., OMS Lighting, Herbert Waldmann GmbH & Co. KG

Human Centric Lighting Market 2024 Key Insights:
• The human centric lighting market size is expected to see exponential growth in the next few years. It will grow to $5.75 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%.
• Smart City Initiatives Fuel The Growth Of The Human-Centric Lighting Market
• Legrand Introduces Circadian Lighting Control In Rapid Lighting Control System
• North America was the largest region in the human centric lighting market in 2023

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