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Human Centric Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Human Centric Lighting Market is segmented by Type (Hardware and Software), End-User Application (Commercial, Industrial, Residential), and Geography.

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Market Snapshot

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Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: 23.48 %

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Market Overview

The global human centric lighting market is projected to grow at a CAGR of 23.48% during the forecast period (2021 - 2026). The human centric lighting market is influenced by the lack of regulations and common industry standards, the market for such solutions and products is growing at a fast pace owing to the growing demand for human centric solutions and growth in adoption of IoT. In the global lighting market, LEDs are observing a significant increase; this is influencing the human centric lighting market and driving the demand. Higher initial costs involved in the adoption of human centric lighting solutions is challenging the market growth.

  • The growing adoption of LED lighting in commercial, industrial, and residential sectors is driving the demand for human centric lighting market and expected to boost the demand globally. According to Lumileds, the projected size of the packaged global LED market is expected to reach USD 18.9 billion by 2020.
  • Another driving factor for the human centric lighting market's growth is various organization's approach to make most of their products human centric, which adapts to the exact needs of human biology and psychology. According to Accenture, to design the smart home solutions brands need to shift from a product-focused approach to a human centric approach; this approach can be used for all other sectors as well.
  • The growing demand for IoT devices in residential and commercial spaces is another supporting factor for building human centric products and solutions. The demand for IoT devices is expected to drive the market for human centric lighting as well. According to Finch Capital, the global size of the IoT market is expected to reach USD 1,612 billion by 2025.
  • However, higher initial costs involved in the adoption of human centric lighting solutions is challenging the market growth; the innovation efforts by major vendors in the market is expected to overcome the challenge. According to the US Department of Energy, the price of warm white LED lamps per kilolumen in the US is expected to come down to USD 0.3 by 2025 from USD 1.7 in 2014.

Scope of the Report

Circadian rhythms are closely related to living systems at environmental, organismal, and cellular levels; these are physical, mental, and behavioral changes that follow a 24-hour cycle. Light is one of such factor influencing the cycle, and human centric lighting solutions are built around this concept. The report segments the solutions by type; hardware, which includes LED modules, sensors, controllers, touch panels, switches, etc. Software segment includes controller applications, AI, and other software used upon the hardware framework. 

By Type
Hardware
Software
By End-User Application
Commercial
Industrial
Residential
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
Rest of the World
Latin America
Middle-East & Africa

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Key Market Trends

Rising Demand for LEDs and IoT Devices is Expected to Augment the Market

  • The growing adoption of LED lighting systems across various industries is taking the lighting systems to the next level of innovation, towards human centric lighting. According to ELCOMA, the Indian LED market is expected to reach INR 216 billion by 2020 with a CAGR of 41%. 
  • The environmental benefits and less power consumption of LEDs are driving the demand across the globe. According to Theclimategroup, lighting accounts for nearly 6% of the global CO2 emissions and global switch to energy-efficient LEDs is expected to save 1,400 million tons of CO2 and avoid construction of 1,250 power stations. 
  • The next step of evolution for LED was to connected lighting systems, which enables customers to control, change, and monitor power consumption over device mounted applications. The trend of increasing global demand for IoT is driving the demand for such lighting systems. Recently Signify announced that; in addition to Bluetooth and Zigbee based smart lighting with Phillips, it is offering Wi-Fi-enabled lighting which works with WiZ connected ecosystem in the US market. 
  • Electronic devices across the globe are becoming part of the IoT family day by day; the growth of connected devices, including electrical solutions, is expected to drive the demand. According to Bain & Company, the projected revenue off of the global IoT and analytics is expected to reach USD 520 billion by 2021. 
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Europe is Expected to Hold a Significant Share of the Market

  • Europe currently holds the major share of the LED lighting market, owing to which it currently holds a significant share of the human centric lighting market. Europe holds a major share in smart lighting system as well and is home to a number of major vendors of the human centric lighting (HCL) systems. For instance, OSRAM Lighting, one of the major vendor of HCL is situated in Germany; during fiscal 2018 the company's revenue stood at EUR 4,115 million. 
  • Europe is a significant market for the lighting industry, irrespective of types. Owing to the early adoption and fast-paced modernization of electrical systems the region has grown exponentially. According to LightingEurope, the region's annual industry turnover stood at EUR 20 billion. 
  • European Union's Horizon 2020 project premium light pro has been working in support of the uptake of LED lighting systems among public authorities and private companies across nine EU countries since 2016. Such government initiatives are expected to boost demand and increase awareness amongst citizens. 
  • Even though Europe holds the major share of the market, the Asia-Pacific region shows the fastest growth and is expected to overtake and become the major market for human centric lighting over the forecasted period. 
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Competitive Landscape

The human centric lighting market is fragmented and is slowly moving towards a consolidated market form. The major vendors in the market are emphasizing their efforts on innovating the solutions and improve both hardware as well as software offerings, in turn, augmenting the market. The more prominent organizations are also looking towards strategical M&As to increase the market share. Key players include Signify Lighting NV, OSRAM GmbH, Trilux Lighting Ltd., Wipro Lighting, Glamox SA, etc. Recent developments in the market are - 

  • July 2019 - Signify announced that it has acquired a 51% stake in Chinese LED lamp maker Klite Lighting. Before Signify, the stake was owned by Zhejiang Klite Lighting Holdings Co. This growth is expected to strengthen the Signify's position in Asia and reduce production costs. 
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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Key Study Deliverables

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers

    3. 4.3 Market Drivers

      1. 4.3.1 Growing Demand of Human Centric Solutions

      2. 4.3.2 Growth of IoT

      3. 4.3.3 Increasing Adoption of LEDs

    4. 4.4 Market Restraints

      1. 4.4.1 Lack of Awareness and Higher Initial Cost

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Bargaining Power of Suppliers

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Technology Snapshot

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Hardware

      2. 5.1.2 Software

    2. 5.2 By End-User Application

      1. 5.2.1 Commercial

      2. 5.2.2 Industrial

      3. 5.2.3 Residential

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 South Korea

        4. 5.3.3.4 India

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 Latin America

        2. 5.3.4.2 Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Signify Lighting NV

      2. 6.1.2 OSRAM GmbH

      3. 6.1.3 Trilux Lighting Ltd.

      4. 6.1.4 Wipro Lighting

      5. 6.1.5 Glamox SA

      6. 6.1.6 Semiconductor Co., Ltd.

      7. 6.1.7 Legrand SA

      8. 6.1.8 Hubbell Inc.

      9. 6.1.9 Zumtobel Group AG

      10. 6.1.10 Waldmann Lighting

      11. 6.1.11 Helvar

      2. *List Not Exhaustive

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Human Centric Lighting Market market is studied from 2018 - 2026.

The Human Centric Lighting Market is growing at a CAGR of 23.48% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

Signify Lighting NV, OSRAM GmbH, Trilux Lighting Ltd., Wipro Lighting, Glamox SA are the major companies operating in Human Centric Lighting Market.

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