Human Centric Lighting Market to Cross $6bn by 2025
According to Global Market Insight, Human Centric Lighting Market is forecast to register its name in the billion-dollar fraternity down the line of six years.
The report says that market will exceed a revenue of USD 6 billion by 2024 with a projected CAGR of 25% over 2019-2025.
The increasing adoption of smart lighting technology in commercial & residential applications to gain energy efficiency benefits is driving the industry growth globally. The circadian rhythm-based lights aid in reducing visual & non-visual harms to humans and offer improved productivity in industrial & enterprise applications.
The color, brightness, and temperature-varying features offered through tunable fixtures in these systems support human psychology and sleep-wake cycles, resulting in health improvement of elderly care residents and patients.
Additionally, the growing focus on the adoption of controllable, body-centric, and low power consuming lights due to government initiatives and consumer awareness is creating several opportunities for the human centric lighting market growth.
Lighting fixtures and software are gaining high demand in the human centric lighting market globally due to the installation of fully transitional and controllable systems in new commercial, industrial, and healthcare facilities.
The software used in these systems allows users to control and change the light settings, color, and brightness levels depending on the requirements. The service segment including professional, managed, and consulting services is witnessing high popularity due to increased awareness of application industries and initiatives for adopting body dynamic light solutions.
New building owners and enterprises are taking expert consultation for deploying suitable lighting solutions, further developing the service segment in the human centric lighting market.
In the human centric lighting market, the healthcare segment is experiencing high growth prospects due to health-related benefits associated with it. These light systems aid in appropriately setting the sleep-wake cycles of patients through changing light patterns throughout the day.
The maintenance of regular sleep-wake cycles prevents patients or elderly care occupants from depression, anxiety, and several other behavioral conditions. The transformable light systems support the speedy recovery of patients and enhanced healthcare facilities, further driving the human centric lighting market demand. Several hospitals and elderly care centers across the globe are adopting HCL technology to add natural illumination features to their facilities.
For instance, in July 2018, Medical Behavioural Unit at Children’s Hospital of Philadelphia announced that it adopted circadian lighting systems to set up better sleep-wake cycles of its patients.
Europe human centric lighting market is expected to witness increased traction in commercial, residential and healthcare sectors. Infrastructure refurbishment in Europe currently focus on developing well-illuminated building environments.
According to Lighting Society Europe, human centric lighting can significantly enhance employee performance to the point of improving productivity by 4.5%, reducing errors by 2% and further slashing rate of work absenteeism.
HCL can also significantly improve visibility, thereby reducing the risk of tripping, falling and potential injuries. With employees spending more time in offices and other workplaces, HCL systems will become an essential lighting solution in the commercial sector, fostering HCL industry size.
The region naturally observes less exposure to sunlight which eventually creates an impact on human health, thereby creating the need for human centric lighting industry solutions. With presence of leading market players along with rising investments, Europe human centric lighting market will witness rapid technological growth in the upcoming years.
The key companies present in the human centric lighting market are: Signify, Zumtobel AG, OSRAM, Glamox, Ledmotive, Lumileds, Legrand, Helvar, Hubbell Inc, and Lutron Electronics. The companies are developing new technologies and products to cater to the circadian lighting demand.
They are investing in R&D operations to develop enhanced fixtures & control solutions and gain benefits over industry competitors. The human centric lighting market companies are involved in spreading consumer awareness and offering application-specific systems.
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