Human Centric Lighting Market estimated to be worth $3,655 million by 2024

(IT-NEWSWIRE.COM, November 10, 2021 ) According to the new research report, the "Human Centric Lighting Market by Offering (Hardware (Lighting fixtures and Lighting Controllers), Software, and Services), Installation Type (New Installations and Retrofit Installations), Application, and Geography - Global Forecast to 2024", is projected to grow from USD 810 million in 2019 to USD 3,655 million by 2024—growing 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 rise in the demand for energy-efficient lighting solutions. Implementation of wireless technology for LED lighting is expected to provide substantial growth opportunities to market players.

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“Lighting controllers to witness highest CAGR in human centric lighting market during 2019–2024”

The market for lighting controllers is expected to grow at the highest CAGR from 2019 to 2024. The human centric lighting market for lighting controllers has been further segmented into sensors, switches and dimmers, LED drivers, microcontrollers and microprocessors, and transmitters and receivers. The control and communications components include LED drivers and ballasts, sensors, dimmers and switches, and wireless receivers and transmitters. These lighting controls enable the implementation of intelligent lighting solutions and connect human centric lighting in various spaces.

“Residential applications are expected to witness highest growth rate during forecast period”

The human centric lighting market for the residential application is expected to grow at the highest CAGR from 2019 to 2024. Factors such as ongoing technological advancements, increasing consumer preferences for better interior designing, and rising need for energy-efficient lighting are driving the growth of the market for decorative as well as smart lighting. Also, in residential settings, i.e., at home or in elderly care, human centric lighting can reduce sleep disorders, thereby limiting the need for cost-intensive medication and reducing nursing efforts. The growing implementation of smart lighting will lead to the increase in the demand for human centric lighting solutions in the residential sector.

“Growing infrastructure and urbanization will boost demand for human centric lighting solutions in APAC during forecast period”

The human centric lighting market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the growth of the market in this region include the rise in industrialization and commercialization and high demand for energy-efficient solutions in developing countries. In a few countries such as South Korea and Malaysia, the success of the market for energy-efficient products such as LED products depends on the ability of light source manufacturers to form a rapport with local partners.

Key players in the market include 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). These players are increasingly undertaking product launches and developments, mergers and acquisitions, contracts, partnerships, and agreements to develop and introduce new solutions in the market.

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Human Centric Lighting Market estimated to be worth $3,655 million by 2024