Global Human Centric Lighting Market Size, Share, Growth Analysis, By Type(New and Retrofit), By Application(Wholesale Retail, Enterprises) - Industry Forecast 2024-2031

Global Human Centric Lighting Market size was valued at USD 1.59 Billion in 2022 and is poised to grow from USD 2.01 Billion in 2023 to USD 13.04 Billion by 2031, at a CAGR of 26.34% during the forecast period (2024-2031).

The market for human-centric lighting is poised for significant expansion, buoyed by advancements in wireless communication technology for smart lighting systems, the surge in smart city initiatives, and the proliferation of IoT technology for ambient lighting. Forecasts suggest a substantial decrease in the cost of warm white LED bulbs per kilolumen in the US by 2025, from USD 1.7 to USD 0.3, as indicated by the US Department of Energy. Globally, the demand for LEDs is being propelled by their lower energy consumption and positive environmental impact, with lighting accounting for approximately 6% of the world's CO2 emissions. Transitioning to energy-efficient LEDs is projected to avert the construction of 1,250 power plants and save 1,400 million tonnes of CO2, according to estimates by climate groups. Moreover, the ascent of smart cities is fueling urbanization in emerging nations. Key drivers of the human-centric lighting market include the growing appetite for energy-efficient lighting solutions, widespread adoption of LED lighting solutions, and initiatives aimed at fostering smart cities. However, challenges such as compatibility issues and high installation costs hinder the market's development by posing obstacles to lighting controls.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Human Centric Lighting Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Human Centric Lighting Market Segmental Analysis

Global Human Centric Lighting Market is segmented on the basis of offering, type, application and region. By offering, the market is segmented into hardware, fixtures, controllers, software, services. By type, the market is segmented into retrofit and new. By application, the market is segmented into wholesale retail, enterprises, residential, industrial, healthcare, education, commercial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Human Centric Lighting Market

Governments and regulatory bodies worldwide are enacting measures to enhance lighting quality and energy efficiency, typically through standards aimed at prioritizing human well-being, productivity, and health in lighting systems. Adherence to these regulations is fostering the uptake of Human-Centric Lighting (HCL) systems, which provide solutions aligning with the stipulated quality and efficiency criteria.

Restraints in the Global Human Centric Lighting Market

In certain areas, regulations and standards might not explicitly cover the needs or advantages of HCL systems, leaving existing regulations and codes insufficient in addressing the unique attributes and benefits of this technology. The absence of clear guidelines or regulations concerning HCL can lead to uncertainty for manufacturers and end-users alike, potentially hampering market expansion.

Market Trends of the Global Human Centric Lighting Market

Circadian lighting stands as a prominent trend within the Human-Centric Lighting (HCL) market, emphasizing the emulation of natural light patterns to synchronize with the body's circadian rhythm. This approach entails crafting lighting setups that dynamically adjust color temperature and intensity to mirror the progression of daylight. Manufacturers are actively innovating lighting solutions aimed at optimizing sleep patterns, boosting alertness, and regulating bodily functions, thereby enhancing overall well-being through circadian alignment.