The global human-centric lighting market is expected to post a CAGR close to 32% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global human-centric lighting market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the introduction of IoT and smart technology. R&D focused on energy-saving and aesthetic lighting has led to the development of intelligent computer-operated lighting systems. These lighting systems can automatically adjust the lighting settings according to room conditions, including occupancy, natural light available, and the time of the day. These intelligent lighting solutions help in saving energy by switching off the lights when they are not in use. Tunable white lights can be automatically controlled through IoT tools, thus making it convenient for users to turn on/off, switch between different lighting modes, and adjust the color temperature. The introduction of these smart features has thus played a pivotal role in fostering the demand for human-centric lighting.
As per Technavio, the benefits of human centric lighting will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global human-centric lighting market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Human-Centric Lighting Market: Benefits of Human Centric Lighting
Human-centric lighting plays a pivotal role in balancing the color of the light to stimulate the natural daylight cycle. In the last few years, the demand for human-centric lighting has increased at a rapid rate in non-residential spaces, especially in schools and offices. Moreover, human-centric lighting not only helps to improve the concentration power of students but also aids the efficiency and motivation of employees at the workplace. Human-centric lighting also helps night shift workers adjust their biorhythm and thus it helps in lowering depression levels. Thus, such benefits of human-centric lighting are expected to further widen the growth prospects for lighting manufacturers, developers, and designers during the forecast period.
“The growth in home décor market is another major trend that is expected to boost the human-centric lighting market during the forecast period. Tunable white lights are witnessing demand from designers of home lighting systems, owing to their ability to mimic natural light and its efficiency as well as to adjust color temperature and light intensity effectively. Rising influence in major global economies, coupled with lifestyle changes, has led to a radical surge in home décor products, which is driving market growth,” says a senior analyst at Technavio.
Global Human-Centric Lighting Market: Segmentation Analysis
This market research report segments the global human-centric lighting market by end-user (residential and commercial) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the strong demand from emerging economies.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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