Global Human Centric Lighting Market 2019-2024: Initiatives Toward Establishing Smart Cities Driving Demand for Human-Centric Solutions - ResearchAndMarkets.com
The growth of this market is mainly 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.
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" report has been added to ResearchAndMarkets.com's
offering.
The human-centric lighting market is projected to grow from USD 810
million in 2019 to USD 3,655 million by 2024, at a CAGR of 35.2%.
The growth of this market is mainly 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. The
implementation of wireless technology for LED lighting provides a major
opportunity for the growth of the human centric lighting market.
However, compatibility issues and high installation costs restrain the
market's growth.
Residential application to hold a significant share of human
centric lighting market by 2024
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 an increased demand for
human centric lighting solutions in the residential sector.
Europe will be the largest market for human centric lighting
solutions by 2024
Europe is expected to hold the largest share of the human centric
lighting market during the forecast period. Europe is among the main
regions to have recognized and accepted human centric lighting
practices. The high living standard of people is driving the growth of
the human centric lighting market in the region.
Moreover, historical buildings and architectural sites, as well as
hospitality businesses in the country, are driving the demand for
innovative lighting solutions, which is further contributing to the
overall growth of the human centric lighting market. The presence of key
players is another crucial factor for the growth of the human centric
lighting market in this region.
Market Dynamics
Drivers
- High Adoption of Led Lighting Solutions
-
Initiatives Toward Establishing Smart Cities Driving Demand for
Human-Centric Solutions - Growing Demand for Energy-Efficient Lighting Solutions
Restraints
- Compatibility Issues and High Installation Cost
Opportunities
- Implementation of Wireless Technology for Led Lighting
Challenges
- Lack of Common Standards
Companies Mentioned
- AB Fagerhult
- Acuity Brands, Inc.
- B.E.G. Brck Electronic GmbH
- Cree, Inc.
- ESYLUX GmbH
- Gerard Lighting
- Glamox AS
- Halla, A.S.
- Helvar OY AB
- Hubbell Incorporated
- LEDRAbrands, Inc.
- Legrand SA
- LUMITECH Produktion Und Entwicklung GmbH
- Lutron Electronics
- OSRAM Licht AG
- SDA Lighting
- Signify Lighting NV
- TRILUX GmbH & Co. Kg
- Wipro Enterprises (P) Limited
- Zumtobel Group AG
For more information about this report visit https://www.researchandmarkets.com/r/bfab6q
View source version on businesswire.com: https://www.businesswire.com/news/home/20190523005253/en/