$3.65 Bn Human Centric Lighting Market - Global Forecast to 2024
DUBLIN, May 17, 2019 /PRNewswire/ -- 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Human Centric Lighting Market
4.2 Human Centric Lighting Market, By Component and Service
4.3 Human Centric Lighting Market in Europe for Application and Country
4.4 Human Centric Lighting Market, By Country
5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 High Adoption of Led Lighting Solutions
5.1.1.2 Initiatives Toward Establishing Smart Cities Driving Demand for Human-Centric Solutions
5.1.1.3 Growing Demand for Energy-Efficient Lighting Solutions
5.1.2 Restraints
5.1.2.1 Compatibility Issues and High Installation Cost
5.1.3 Opportunities
5.1.3.1 Implementation of Wireless Technology for Led Lighting
5.1.4 Challenges
5.1.4.1 Lack of Common Standards
5.2 Value Chain Analysis
6 Human Centric Lighting Market, By Installation Type
6.1 Introduction
6.2 New Installations
6.2.1 New Installations Held Larger Share of Human Centric Lighting Market in 2018
6.3 Retrofit Installations
6.3.1 Retrofit Installations Held Smaller Market Share Owing to Their Less Compatibility With Fixtures and Controllers in 2018
7 Human Centric Lighting Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Lighting Fixtures
7.2.2 Lighting Controllers
7.2.2.1 Sensors
7.2.2.2 Drivers
7.2.2.3 Microprocessors and Microcontrollers
7.2.2.4 Switches and Dimmers
7.2.2.5 Transmitters and Receivers
7.3 Software Components
7.3.1 Software Components Expected to Register Highest CAGR in Overall Market During Forecast Period
7.4 Services
7.4.1 Design and Engineering
7.4.2 Installation Services
7.4.3 Post Installation Services
8 Human Centric Lighting Market, By Application
8.1 Introduction
8.2 Wholesale and Retail
8.2.1 Retail Stores are Likely to Employ Human Centric Lighting Solutions to Enhance Shopping Experience
8.3 Enterprises and Data Centres
8.3.1 Human Centric Lighting Solutions are Used to Increase Energy and Motivation Levels as Well as Productivity of Employees in Enterprises
8.4 Residential
8.4.1 Residential Applications Expected to Witness Highest Growth Rate During Forecast Period
8.5 Educational Institutions
8.5.1 Educational Institutions Accounted for Significant Share of Human Centric Lighting Market in 2018
8.6 Healthcare
8.6.1 Healthcare Considered a Prominent Application Area for Human Centric Lighting Solutions
8.7 Industrial
8.7.1 Strict Government Regulations and Introduction of Advanced Lighting Technologies Will Surge Demand for Human Centric Lighting Solutions in Industrial Applications in Near Future
8.8 Hospitality
8.8.1 Hospitality Applications Accounted for Third-Largest Share of Human Centric Lighting Market in 2018
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Rest of Europe
9.4 APAC
9.4.1 China
9.4.2 Japan
9.4.3 South Korea
9.4.4 India
9.4.5 Rest of APAC
9.5 RoW
9.5.1 Middle East and Africa
9.5.2 South America
10 Competitive Landscape
10.1 Introduction
10.2 Market Player Ranking Analysis
10.3 Competitive Leadership Mapping
10.4 Competitive Benchmarking
10.5 Competitive Scenario
10.6 Competitive Situations & Trends
11 Company Profiles
11.1 Introduction
11.2 Key Players
11.2.1 Signify Lighting NV
11.2.2 OSRAM Licht AG
11.2.3 Acuity Brands, Inc.
11.2.4 CREE, Inc.
11.2.5 Legrand SA
11.2.6 Hubbell Incorporated
11.2.7 Zumtobel Group AG
11.2.8 Wipro Enterprises (P) Limited
11.2.9 Glamox AS
11.2.10 Lutron Electronics
11.3 Other Companies
11.3.1 LUMITECH Produktion Und Entwicklung GmbH
11.3.2 SDA Lighting
11.3.3 TRILUX GmbH & Co. Kg
11.3.4 ESYLUX GmbH
11.3.5 Helvar OY AB
11.3.6 LEDRAbrands, Inc.
11.3.7 B.E.G. Brck Electronic GmbH
11.3.8 AB Fagerhult
11.3.9 Gerard Lighting
11.3.10 Halla, A.S.
For more information about this report visit https://www.researchandmarkets.com/r/d0mp2x
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