Market Trends of Human Centric Lighting Industry
This section covers the major market trends shaping the Human Centric Lighting Market according to our research experts:
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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