New York, US, Sept. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Human Centric Lighting Market Research Report, By Component Type, By Applications - Forecast till 2030”, the market is anticipated to thrive USD 14.95 billion with a 33.50% CAGR over the review timeframe.
Human Centric Lighting Market Overview:
Human-centric lighting refers to the art of creating lighting mimicking the natural daylight driving our bodily functions. It boosts human well-being, health, comfort, and performance. The most evident effect of light on humans is a dream. The benefits of human-centric lighting solutions will impact the market and add to its improvement effectively over the review timeframe. The global human-centric light market research examination is offered on a central point, for instance, buyer needs and changes witnessed in them after some time, market deals related to volume and worth, market development patterns, arising openings, factors driving this market, dangers regarding them and market execution of major players alongside significant locales.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 14.95 billion |
| YoY Growth | 33.50% CAGR |
| Base Year | 2021 |
| Key Market Opportunities | Presently, lighting makers should coordinate the business guidelines across the world relating to the light source. |
| Key Market Drivers | Human centric lightings can relax one’s mood and benefit health, which is supposed to drive market growth. |
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Market USP Covered
Human Centric Lighting Market Drivers
The global home-centric lighting market has recorded enormous growth in recent times. The market's growth is attributed to the aspects such as stylish lighting, R&D centered around energy-saving, and presentation of loT.
Restraints
On the other hand, the absence of common principles is anticipated to restrict the market's growth.
COVID-19 Impact
The global COVID-19 pandemic has had a significant impact on the majority of the industry sectors across the globe. Considering the rapid spread of the disease across most regions worldwide recently, several governments imposed partial or complete lockdowns. The global health crisis not only impacted public health but also severely impacted the global economy. The travel restrictions imposed worldwide led to causing significant disruption in the supply chain networks. The pandemic has evidently affected global economies in recent times. Furthermore, the pandemic has had a significant impact, such as reduced demand & spending, supply chain & production disruptions, and resulting workforce & travel restrictions across several industry sectors. A steep fall in infrastructure development and installation projects is anticipated to impede the market growth for industrial, commercial, and residential verticals.
The human centric lighting market revenue experienced a fall in the growth rate given the delayed construction projects leading to a significant impact. On the other hand, the demand from the medical industry boosted evidently during the pandemic. Moreover, the players across the global market are focusing more and more on the research & development activities of lighting systems considering the growing government initiatives across the globe. Thus, the human centric lighting market will likely grow over the review timeframe. The stoppage in creations by OEMs and the fall in demand for lighting systems and other electronic devices have gradually dragged down the human centric lighting market . The lack of materials and components has substantially affected the global supply chains. Additionally, the fall in several capital budgets and interruption in strategic projects in many industry sectors have impacted the global economy. On the other hand, rolling out vaccines worldwide and improved control of the pandemic situation, particularly across Europe and North America, would accelerate the recovery of the human centric lighting market .
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Human Centric Lighting Market Segment Analysis
Among all the solutions, the hardware solution segment is anticipated to dominate the global human centric lighting market over the review timeframe. The segment's growth is attributed mainly to the growing demand for long-lasting and low-energy-consuming LED fixtures. The segment is likely to grow substantially over the coming years. the components, like controllers & fixtures, are experiencing a rise in demand credited to the technical advancements and visual benefits.
Among all the installation modes, the new installation segment is likely to acquire the largest market share over the forecasted timeframe. The segment's growth is mainly attributed to the rise in new construction activities. Furthermore, the penetration of smart home automation solutions is anticipated to catalyze the segment's growth over the coming years. Moreover, the growing government support for energy-efficient intelligent lighting systems is anticipated to boost the segment's growth over the coming years.
Among all the end-use segments, the commercial application segment will likely acquire the highest revenue share across the global market for human-centric lightings over the forecasted era. The segment includes malls, banks, business enterprises, retail stores, restaurants, and offices.
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Regional Analysis
The global human centric lighting market is analyzed across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the European region is anticipated to dominate the global market for human-centric lighting over the assessment timeframe. The region has significant growth contributors, such as Spain, Germany, and the U.K., given the growing adoption of HCL arrangements and support from the public authority and other administrative bodies. Impressive advertising ventures and joint industry speculations also boost the regional market's growth. The market will contribute to over 7% of the net lighting market across the region by 2020.
The Asia-Pacific region's human centric lighting market is likely to grow substantially over the review timeframe. Rapid infrastructure activities and urbanization is the primary aspect supporting the regional market's growth. Nations like New Zealand, Australia, China, Japan, and India across the Asia-Pacific region are experiencing substantial human-centric lighting systems for residential, healthcare, and commercial applications, thus boosting the regional human centric lighting market growth.
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Competitive Analysis
The global market for home-centric lighting has prominent leaders such as:
- Legrand SA (France)
- Koninklijke Philips NV (The Netherlands)
- CoeLux S.r.l (Italy)
- Osram Licht AG (Germany)
- ES-SYSTEM S.A. (Poland)
- Zumtobel AG (Austria)
- Glamox (Norway)
- Hubbell Inc. (U.S.)
- Waldmann Lighting (U.S.)
- Arcluce S.p.A. (Italy)
- NormaGrup Technology (Spain)
- Fagerhult AB (Sweden)
- Seoul Semiconductor Co Ltd (South Korea)
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