Human Centric Lighting Market : Opportunities , Challenges and Trends

[163 Pages Report] The overall human centric lighting market is projected to grow from USD 810 million in 2019 to USD 3,655 million by 2024 grow at a CAGR of 35.2%. The growth of the human centric lighting market is driven by the high adoption of LED lighting solutions; initiatives toward establishing smart cities; and the rising in demand for energy-efficient lighting solutions. The implementation of wireless technology for LED lighting is expected to provide huge growth opportunities to market players.

Lighting fixtures to hold largest share of human centric lighting market, by hardware offering, during forecast period

Lighting fixtures include bulbs and luminaires. Lights and bulbs differ by the intensity of illumination produced by lighting solutions. The luminaires include LED, fluorescent, and other lighting sources. An appropriate choice of luminaires according to the requirement of applications can save energy. LEDs are semiconductors that convert electricity into light through the movement of electrons. LEDs have now evolved as a major lighting technology with longer shelf life, greater durability, improved flexibility, better energy efficiency, and non-toxicity compared to other lighting solutions. The high demand for LED lights is expected to boost the market for lighting fixtures.

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Need for appropriate lighting for human well-being enables largest share for healthcare application in human centric lighting market

Lighting is among the important aspects of a hospital. The right amount of brightness in a hospital space creates a comfortable environment for patients by reducing their fatigue and enhancing safety for their caregivers. Moreover, proper illumination in space also enables surgeons and doctors to accomplish visual tasks efficiently by reducing errors. Also, staying in the hospital means that patients’ movements are restricted. Depending on the condition, patients generally have to stay in bed and only rarely get to go outdoors. Human centric lighting can support the healing process by stabilizing patients’ circadian rhythms and improving their sleep cycles.

The human centric lighting market is currently dominated by Signify Lighting NV (Netherlands), OSRAM Licht AG (Germany), Acuity Brands, Inc. (US), Cree, Inc. (US), Legrand SA (France), Hubbell Inc. (US), Zumtobel Group AG (Austria), Wipro Enterprises (P) Ltd. (India), Glamox AS (Norway), and Lutron Electronics Co., Inc. (US). A few of the major strategies adopted by these players to compete in the human centric lighting market include product launches and developments, partnerships, and mergers and acquisitions.

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