DUBLIN--(BUSINESS WIRE)--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
