Portland,OR, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global human centric lighting market generated $0.91 billion in 2020, and is projected to reach $14.95 billion by 2030, witnessing a CAGR of 33.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in need for energy-efficient lighting, high development of smart lighting system, and high usage LED lighting solutions drive the growth of the global human centric lighting market. However, high installation and maintenance cost restrain the market to some extent. On the other hand, rise in adoption of wireless technology for lighting system presents new opportunities in the upcoming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic negatively impacted the global human centric lighting market, owing to delayed construction projects.
- However, the demand from the medical industry has accelerated during the pandemic, which in turn, has boosted the market growth to some extent.
The report offers detailed segmentation of the global human centric lighting market based on installation type, offerings, application, and region.
Based on offering, the hardware segment held the highest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the software segment is estimated to register the highest CAGR of 35.9% from 2021 to 2030.
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Based on application, the retail segment held the largest market share in 2020, holding more than one-fifth of the total market share, and is expected to continue its leadership status during the forecast period. However, the residential segment is projected to register the highest CAGR of 39.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 36.9% during the forecast period. Other regions discussed in the report include Europe and LAMEA.
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List of companies profiled of the global human centric lighting market analyzed in the research include Signify Lighting NV (Netherlands), OSRAM AG (Germany), Cree, Inc. (U.S.), Acuity Brands, Inc. (U.S.), Legrand SA (France), Hubbell Inc. (U.S.), Philips N.V. (The Netherlands), Lutron Electronics Co., Inc. (U.S.), and Zumtobel Group AG (Austria), and Wipro Enterprises Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
