Rising demand for smart lighting solutions in homes is boosting the growth of lighting market. The market valuation for human centric lighting will cross $5.5 billion by 2027, predicts Global Market Insights Inc in its recent report.
Increasing awareness about the health benefits that human centric lighting systems offer has led to a steady increase in the demand for smart lightings in the global market.
Global Market Insights, headquartered in Delaware, US, is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services.
The human centric lighting industry has faced several challenges due to the rapid spread of COVID-19 pandemic across the world. The shortage of workforce and higher lead times as a result of restrictions on movement hampered the manufacturing of sensors and detection systems, microcontrollers, integrated circuits, and lighting fixtures.
The professional and managed services including consultation, maintenance, repairing, and servicing activities are gaining high popularity in the human centric lighting market.
The increasing awareness related to intelligent lighting solutions and their impact on human psychology and behaviour are compelling industries to deploy them.
Consultation and lighting design services are emerging as popular trends in the market. Market players, such as Zumtobel Group, Trilux, and Legrand, offer lighting designs and architectural services for their human centric lighting systems.
The residential lighting is the most lucrative applications for human centric lighting. The growth of the market is attributed to the growing adoption of home automation solutions.
Home automation can effectively improve life quality, work efficiency, and facilitate better management. The increasing urbanization, the rising standard of living, and increasing disposable income of the population are the major factors driving the adoption of intelligent lighting solutions in residential complexes.
The Asia Pacific human centric lighting industry is experiencing a steady growth owing to infrastructure transformation programs and the adoption of intelligent lighting solutions.
The Asian countries are expected to gain a high demand among commercial and industrial applications due to the robust manufacturing sector and high work rate in such facilities.
Players active in the human centric lighting market are Osram Licht Group, Signify, Healthe Hubbell Inc., Glamox, Zumtobel Group AG, Wipro Lighting, Legrand, and TRILUX GmbH & Co. KG.
These players focus majorly on mergers and acquisitions to enhance their business offerings. For instance, in March 2021, Glamox AS acquired LiteIP Limited, a wireless lighting controls company based in the UK.
This acquisition will aid the company to strengthen its offerings within the lighting control systems industry.
Some major findings in the human centric lighting market report include:
- Growing emphasis on smart building projects in North America and Europe is driving the industry growth.
- Increasing focus on refurbishment of commercial and residential spaces will support the market statistics.
- The hardware segment will witness a steady growth rate owing to the demand for low energy consuming and long-lasting LED fixtures, accelerating the market growth.
- Increased focus on implementing advanced lighting technologies in commercial and industrial settings will propel the demand for HCL in the industrial segment.
- The presence of several leading market players coupled with the increasing adoption of these lighting systems in elderly care and various institutions will augment the industry trends.
- Key players operating in the leisure boats market include Signify, Zumtobel Group AG, Hubbell Inc., Osram Licht Group, and Glamox.
