Human Centric Lighting Market In North America Is Projected ...| MENAFN.COM

Wednesday, 05 October 2022 01:39 GMT

Human Centric Lighting Market In North America Is Projected To Showcase Around 20% CAGR By 2027

(MENAFN- Ameliorate Digital Consultancy)

Human centric lighting market in North America size is slated to exceed USD 1 billion by 2027. With rising emphasis on infrastructure development and extensive expenditure on residential & nonresidential construction projects, the North America human centric lighting (HCL) market is likely to progress at a notable pace in the coming years.

According to the U.S. Census Bureau, the total expenditure on residential and nonresidential construction across the country was valued at over USD 1.5 trillion in October 2021. To that end, there has been a rising preference for LED lights over incandescent bulbs across the U.S. and Canada owing to energy efficiency features. Moreover, growing focus on infrastructure upgradation of offices, residences, and hospitals will support the overall business dynamics.

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Soaring demand for human centric lighting fixtures

Human centric lighting hardware including fixtures and controllers have witnessed significant advancements in terms of visual effects in recent times. The integration of tunable LED fixtures in HCL solutions allows symmetrical changes in brightness, color, and temperature levels according to natural light conditions. As the demand for energy-efficient and high output LEDs is fueling exponentially, the adoption of HCL fixtures and controllers is expected to grow considerably in the coming years.

Leading industry players, such as Osram and General Electric are increasingly introducing technologically advanced tunable luminaires and LEDs which will influence product adoption to a large extent. This will further be driven by rising government initiatives to develop smart cities and promote the deployment of smart fixtures lashed with intelligent lighting control to reduce energy consumption.

Rising adoption in institutional applications

Human centric lighting products offer high concentration and attention benefits to their users which is complementing their adoption. Education facilities, such as schools and universities are increasingly deploying HCL solutions to improve the comfort and wellbeing of students.

There has been a soaring expenditure on educational construction which is expected to amplify the product deployment rate to a greater extent. As per the U.S. Census Bureau, in October 2021, the total private and public spending on educational construction was recorded over USD 16 billion and USD 82 billion respectively.

Impact of COVID-19 on the market dynamics

In 2020, the COVID-19-enforced restrictions on industrial, manufacturing, and business operations across North America significantly hampered the human centric lighting market expansion. The reduced manufacturing capabilities and disruption in supply chain management created a tremendous shortage of electronic components required in HCL solutions. Moreover, the restriction on construction activities across the region also resulted in a steep decline in product demand.

With the support of favorable government initiatives to boost economic activities, the market is predicted to witness a fast recovery in the coming years. For instance, the Canada Emergency Business Account (CEBA), Highly Affected Sectors Credit Availability Program (HASCAP), and Business Credit Availability Program (BCAP) are some government-initiated programs in Canada designed to offer support to businesses. This is further supported by the declining cases of COVID-19 and escalating vaccination drives across the region.

Escalating preference for HCL products in residential application

Rising aesthetic lighting trends, along with growing awareness about home automation and smart home products are influencing the increasing adoption of HCL solutions in residential applications. By mimicking natural daylight, human centric lighting products enhance human health, comfort, performance, and well-being.

Significant advancement in the electrical and electronics sector, along with the substantial rise in urban population and per capita income is anticipated to further complement product demand in the coming years.

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Table of Contents (ToC) of the report:

Chapter 5. Human centric lighting market in North America, By Installation
5.1. Human centric lighting market in North America share, by installation, 2020 & 2027
5.2. New installation
5.2.1. Market estimates and forecast, 2016 – 2027
5.3. Retrofit
5.3.1. Market estimates and forecast, 2016 – 2027

Chapter 6. Human centric lighting market in North America, By Application

6.1. Human centric lighting market in North America share, by application, 2020 & 2027
6.2. Residential
6.2.1. Market estimates and forecast, 2016 – 2027
6.3. Commercial
6.3.1. Human centric lighting market in North America estimates and forecast, 2016 – 2027
6.4. Industrial
6.4.1. Market estimates and forecast, 2016 – 2027
6.5. Institutional
6.5.1. Human centric lighting market in North America estimates and forecast, 2016 – 2027
6.6. Healthcare
6.6.1. Market estimates and forecast, 2016 – 2027

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