Human Centric Lighting Market Forecasts to 2030 – Global Analysis By Installation Type (New Installations and Retrofit Installations), Offering (Hardware Software and Services), Application (Retail, Commercial, Educational Institutions and Other End Users

Human Centric Lighting Market Forecasts to 2030 – Global Analysis By Installation Type (New Installations and Retrofit Installations), Offering (Hardware Software and Services), Application (Retail, Commercial, Educational Institutions and Other End Users) and By GeographyAccording to Stratistics MRC, the Global Human Centric Lighting Market is accounted for $1.57 billion in 2023 and is expected to reach $10.72 billion by 2030 growing at a CAGR of 31.5% during the forecast period. Human-centric lighting is a method of controlling the environment's lighting in a way that enhances people's emotional wellbeing, comfort, physical health, and productivity. Numerous industries, including healthcare, education, workplaces, industrial, retail, hospitality, and residential, use human-centric lighting extensively.

According to Finch Capital, the global size of the IoT market is expected to reach USD 1,612 billion by 2025.

Market Dynamics:

Driver:

Increasing demand for LEDs and IoT devices

The widespread use of LED lighting systems is advancing the field of lighting innovation and moving it closer to human-centric lighting. Global demand for LEDs is being driven by their reduced power consumption and favorable environmental effects. The demand for these lighting systems is being driven by the trend of rising global IoT demand. Globally, electronic devices are joining the IoT family on a daily basis, and demand is anticipated to be driven by the expansion of connected devices, including electrical solutions.

Restraint:

Issues with compatibility and expensive installation

To control the lighting fixtures, lighting control systems make use of various kinds of communication links spread throughout the building. It's possible that both replaced and newly installed lamps won't always work with the current controls, which could cause issues. The complexity of lighting control systems is increasing, which could lead to compatibility problems. The market for lighting controls is constrained in its growth by these compatibility problems.

Opportunity:

Growing smart cities

From homes and hospitals to office buildings, more lighting applications are being used. In both indoor and outdoor settings, lighting solutions are used, and end users are increasingly calling for creative, energy-efficient options. Lighting controllers make it possible for lighting systems in a smart city or building to recognize ambient light levels and human presence. Lighting controls are crucial parts of energy-efficient lighting systems, which combine artificial light sources with natural light to produce a calming atmosphere, reduce energy use and costs, and promote environmental sustainability. Growth in the lighting market is also fueled by the high demand for engineering, consulting, and analytical services.

Threat:

Absence of consensus standards

The absence of universal standards is one of the biggest problems facing the market for human-centric lighting. Due to the lack of clearly defined standards and protocols for LEDs and other light sources, manufacturers vary their product standards from one region or country to another. Lighting system manufacturers are concentrating on the creation of open-protocol devices. Lighting label measurements can be confusing for designers, according to LEDinside. If these labels are false, it will harm lighting designers' reputations, which will hinder the market in the future.

Covid-19 Impact

The COVID-19 pandemic has had a significant effect on the world's economies, causing travel and workforce restrictions, supply chain and production disruptions, and decreased demand and spending in a variety of industries. Due to postponed construction projects, which had a significant impact, the market for human-centric lighting saw a decline in its growth rate. Furthermore, due to an increase in global government initiatives, market players have been investing in the R&D of lighting systems.

The commercial segment is expected to be the largest during the forecast period

The commercial segment led the human-centric lighting market in terms of largest share and is anticipated to dominate during the forecast period. Due to the initiatives to transform the infrastructure, commercial applications such as offices, banks, shops, malls, and restaurants will experience rapid growth. Moreover, the use of human-centric lighting in commercial spaces improves occupants' mood and concentration while also producing natural light effects and improving industry statistics.

The new installations segment is expected to have the highest CAGR during the forecast period

Due to the building of numerous new commercial, educational, and institutional facilities around the world during the forecast period, the new installation segment is anticipated to experience lucrative growth. The market for human-centric lighting is expected to grow significantly as a result of these sectors' increasing focus on better lighting as a means of boosting urban concentration. Additionally, modern lighting installation solutions provide sophisticated control over lamps and light fixtures for natural illumination, improving the urban environment.

Region with largest share:

Due to the quick adoption of cutting-edge wireless communication and loT technologies, the North American human-centric lighting market will dominate during the forecast period. The region's market will grow faster as a result of rising urbanization, digitalization, and a preference for energy-efficient solutions in developing countries. Additionally, the US human centric lighting market had the largest market share, while the Canadian market for this type of lighting was expanding at the fastest rate in this North American region.

Region with highest CAGR:

During the forecast period, the market for human-centric lighting is anticipated to expand at the highest growth rate in Asia-Pacific. This is due to the early adoption and rapid modernization of electrical systems, which are fueling market expansion in this area. Leading nations like China, India, and Japan are experiencing a significant increase in demand for human-centric lighting systems in industrial, residential, and healthcare applications, which is propelling market growth in Asia-Pacific.

Key players in the market

Some of the key players profiled in the Human Centric Lighting Market include AB Fagerhult, Acuity Brands, Inc., Arcluce S.p.A., B.E.G. Brück Electronic GmbH, CoeLux S.r.l, Wolfspeed, Inc., ES-System S.A., Esylux GmbH, Glamox AS, Halla, A.S., Helvar OY AB, Hubbell Inc., Koninklijke Philips NV, Ledrabrands, Inc., Legrand SA, Lutron Electronics Co., Inc., NormaGrup Technology, Osram Licht AG, Philips NV, Seoul Semiconductor Co Ltd, Signify Lighting NV, Wipro Enterprises Ltd., Zumtobel Group AG.

Key Developments:

In May 2023, Acuity Brands, Inc a leading industrial technology company, announced the successful closing of its acquisition of KE2 Therm Solutions, Inc. (“KE2 Therm”), which develops and provides intelligent refrigeration control solutions that improve profitability by increasing system efficiency and decreasing operational and service costs.

In May 2023, As part of their strategic partnership announced earlier this year, ZF Friedrichshafen AG, a leading global technology company of next generation mobility, and Wolfspeed Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, today announced their plans to establish a joint European R&D center for Silicon Carbide power electronics in the Nuremberg Metropolitan Region.

In March 2023, Wolfspeed, Inc., the global leader in Silicon Carbide technology, and North Carolina Agricultural and Technical State University, America’s leading historically Black college or university, today announced their intent to apply for CHIPS and Science Act funding to build a new research and development facility on the North Carolina A&T campus. The R&D facility will be focused on Silicon Carbide to support the next generation of advanced compound semiconductors.

Installation Types Covered:
• New Installations
• Retrofit Installations

Offerings Covered:
• Hardware
• Software
• Services

Applications Covered:
• Retail
• Commercial
• Educational Institutions
• Enterprises
• Healthcare
• Hospitality
• Industrial
• Residential

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements