Human Centric Lighting Market Size, Share, Growth Analysis, By Type(New and Retrofit), By Application(Wholesale Retail, Enterprises, Residential, Industrial), By Region - 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).

Huge growth opportunities for the market for human-centric lighting are presented by developments in wireless communication technology for smart lighting systems, an increase in smart city initiatives, and the growth of IoT technology for ambient lighting. The cost of warm white LED bulbs per kilolumen is anticipated to decrease in the US from USD 1.7 to USD 0.3 by 2025, according to the US Department of Energy. Around the world, demand is being driven by LEDs' reduced power usage and favourable environmental effects. Approximately 6% of the world's CO2 emissions are attributed to lighting, and the climate group estimates that switching to energy-efficient LEDs will prevent the construction of 1,250 power plants and save 1,400 million tonnes of CO2. In addition, with the rise of smart cities, emerging nations are experiencing increasing urbanisation.

The key drivers of the growth of the human-centric lighting market are rising demand for energy-efficient lighting solutions, high adoption of LED lighting solutions due to rising demand for human-centric lighting, initiatives to create smart cities driving demand for human-centric solutions, and others. The development of the market for human-centric lighting is constrained by compatibility problems and high installation costs that present obstacles to lighting controls.