Human Centric Lighting Market to hit $6Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Delaware, July 2, 2019 /PRNewswire/ -- The human centric lighting market is predicted to hike from over USD 1.2 billion in 2018 to around USD 6 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The rapid transformation of the existing structures and development of advanced & smart infrastructures across various industries including commercial, healthcare, and hospitality is driving the market demand.
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Increasing research activities related to body dynamic light solutions & implementing them by replacing the traditional halogen bulbs is promoting industry development. Conventional lights have various harmful impacts on human vision and effect working moods due to improper illumination. As a result, the application industries are switching to LED options operated through controllers & software, further adding to the demand for the market solutions. The growing focus of the commercial & industrial sector providing body dynamic illumination to promote employee health and create enhanced working environments supports the human centric lighting market expansion.
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The human centric lighting market is impacted by the absence of common & industry-specific standards. Lack of regulatory framework related to the technology is limiting the expansion due to safety & security risks. Developing body dynamic illumination systems do not require regulations, which may harm the occupants in case of system failure & other fatalities. Additionally, incompatibility of these systems with conventional lights hinders the market consumption owing to high initial investments.
The software segment in the human centric lighting market will grow at 25% CAGR from 2019 to 2025. It can be credited to the light system controlling & maintenance features installed in the products. The software can alter the color brightness & temperature for suiting different people, activities, and timing. The software integrated products are being developed with touchscreens, allowing offices, hospitals, retailers, etc. to change the light settings. Additionally, the industry players are developing new software and hardware components to enhance HCL offerings and aid the consumer sector in boosting concentration, alertness, and mood of the employees.
Browse key industry insights spread across 170 pages with 205 market data tables & 27 figures & charts from the report, "Human Centric Lighting Market Size By Solution (Hardware [Lighting Fixtures, Lighting Controllers], Software, Service), By Installation Type (New Installation, Retrofit), By Application (Residential, Commercial, Industrial, Institutional, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/human-centric-lighting-market
Retrofit settings in the human centric lighting market was valued at over USD 50 million in 2018 and are developing steadily due to the growing consumer awareness related to the impact of illumination on human psychology majorly in the commercial sector. The existing business, retail, and enterprise infrastructures are experiencing the need for advanced & natural illumination to create comfortable aesthetics for employees, workers, and consumers. As a result, several IT enterprises, banks, and retail stores are adopting retrofitting options, further adding up to the market growth. Moreover, the widespread availability of high-quality LED fixtures and controllers, which consume less power & reduce the electricity cost is supporting the industry expansion.
The human centric lighting market solutions are gaining popularity in North America owing to the rising focus on infrastructure transformation and several new construction projects across various industry verticals. The increasing utilization of advanced LED lights in the U.S. and Canada due to energy-efficiency features and replacement of incandescent bulbs is driving the product demand. Moreover, the rising focus of North American countries to reduce high electricity & power consumption by replacing conventional lighting systems with smart technologies is supporting the market growth. High consumer awareness and investment capability for the adoption of technically advanced infrastructure facilities in the U.S. support industry development prospects.
The prominent companies present in the human centric lighting market are Signify, Hubbell Inc., Zumtobel Group AG, Osram Licht Group, Lextar Electronics, Legrand, Trilux, Healthe, Glamox, and Wipro Lighting. Players operating in the market are focusing on the development of application-specific systems specifically for the healthcare, elderly care, and commercial sectors. Newly developed body dynamic solutions include efficient controllers and software that allow users to control the brightness and color temperature depending on natural light conditions.
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SOURCE Global Market Insights, Inc.
