iCrowdNewswire Jan 18, 2021 8:42 PM ET
Market Size – USD 795.0 Million in 2019, Market Growth – CAGR of 34.3%, Market Trends – The rise in the application of this technology to reduce traffic congestions.
The global Human Centric Lighting Market is forecasted to be worth USD 7,641.9 Million by 2027, according to a current analysis by Emergen Research. The growing smart LED lighting adoption in the retail, commercial, and residential sectors is forecasted to propel the human-centric lighting market during the forecast period. Several companies’ strategy to make more of their goods human-centered, adapting to the specific needs of human sociology and psychology, is another key driver for the progress of the human-centric lighting industry.
As per Accenture plc, companies need to move from a product-focused strategy towards a human-centric approach to build smart home solutions; this technique can also be applied for all other industries. Moreover, this approach can connect wirelessly and relay data and information, which can assist with incorporating IoT to minimize traffic congestions, which is anticipated to further augment the market growth during the forecast timeframe.
The European region is expected to dominate the market over the forecast period owing to the increasing rate of the redevelopment of buildings in European countries is due to a high level of emphasis on ensuring safe and well-lit building conditions. In addition, due to many key players’ involvement, coupled with significant market awareness, the region is undergoing various Research and development activities.
Regional Scope- North America; Europe; Asia Pacific; Central & South America; MEA
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Key Highlights From The Report
In April 2019, Glamox SA acquired Luxonic Lighting PLC, a UK based lighting company. With the deal, Glamox and Luxonic will enhance their position in UK for the lighting market.
Over the forecast period, the hardware segment is expected to hold the largest market with a CAGR of 34.4%. Hardware modules, including fixtures & controls, are achieving tremendous growth due to numerous technological advancements and functional benefits.
The new installation segment is accounted for the largest market in the human-centric lighting market due to the elimination of electrical conduits & renovation expenses; the installation of such solutions in residential and commercial buildings entails low cost compared to retrofit projects.
The largest market over the forecast timeframe is accounted for by the commercial segment. Accelerated by the organizational infrastructure restructuring and the rapid implementation of employee-centered workplace circumstances.
Due to the rising rate of building refurbishment in European countries, the European region is expected to dominate the market over the forecast period owing to a high level of focus on establishing secure and very well-lit building conditions.
Key participants include Osram Licht AG, ES-System SA, Arcluce S.p.A., Koninklijke Philips NV, Fagerhult AB, Zumtobel AG, Glamox AS, Hubbell Inc., The Zumtobel Group, and Legrand SA among others.
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Type Outlook (Revenue, USD Million; 2017-2027)
Installation Outlook (Revenue, USD Million; 2017-2027)
End-Use Outlook (Revenue, USD Million; 2017-2027)
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