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%
NEW YORK, May 14, 2019 /PRNewswire/ --
Human centric lighting market to grow at 35.2% CAGR from 2019 to 2024
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 cost restrain the market's growth.
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Residential application to hold 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 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.
Breakdown of Profiles of Primary Participants:
• By Company: Tier 1 - 20%, Tier 2 - 35%, and Tier 3 - 45%
• By Designation: C-Level Executives - 35%, Directors - 25%, and Managers - 40%
• By Region: North America - 35%, Europe - 30%, APAC - 25%, and RoW - 10%
Major Players Profiled:
• Signify Lighting NV (Netherlands)
• OSRAM Licht AG (Germany)
• Acuity Brands, Inc. (US)
• Cree, Inc. (US)
• Legrand SA (France)
• Hubbell Inc. (US)
• Zumtobel Group AG (Austria)
• Wipro Enterprises (P) Ltd. (India)
• Glamox AS (Norway)
• Lutron Electronics Co., Inc. (US)
Research Coverage
This report offers detailed insights into the human centric lighting market, by offering, installation type, application, and region.By offering, the human centric lighting market has been segmented into hardware (lighting fixtures and lighting controllers), software, and service (design and engineering, installation, and post-installation services that include maintenance, support and monitoring services).
By installation type, the human centric lighting market has been segmented into new and retrofit installations.By application, the human centric lighting market has been segmented into wholesale and retail, enterprises and data centers, residential, educational institutions, healthcare, industrial, and hospitality.
The study also forecasts the size of the market segmented on the basis of 4 regions—North America, Europe, APAC, and RoW.
Reasons to Buy the Report
The report would help the market leaders/new entrants in the following ways:
1. This report segments the human centric lighting market comprehensively and provides the closest approximations of the overall and segment-based market sizes across different offerings, installation types, applications, and regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for the growth of the market.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their market position. The competitive landscape section includes competitor ecosystem, along with product launches, mergers and acquisitions, partnerships, and contracts strategies implemented by the major players in the market.
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