PUBLISHER: Grand View Research | PRODUCT CODE: 1530324
PUBLISHER: Grand View Research | PRODUCT CODE: 1530324
The global human centric lighting market size is estimated to reach USD 19.83 billion by 2030, growing at a CAGR of 29.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing significant growth, driven by the growing demand for energy-efficient lighting solutions. As awareness of energy consumption's environmental and economic impacts grows, the demand for energy-efficient lighting solutions that align with sustainable practices has surged.
Energy-efficient HCL solutions contribute to broader sustainability goals, a growing priority for governments, corporations, and individuals. Regulations and standards to reduce carbon footprints and promote green building practices are becoming more stringent worldwide. Energy-efficient lighting systems help organizations comply with these regulations while enhancing their environmental credentials. This alignment with sustainability initiatives helps reduce greenhouse gas emissions and enhances corporate social responsibility (CSR) profiles, attracting eco-conscious customers and investors.
In July 2023, the European Union finalized the enhancement of the Energy Efficiency Directive, incorporating a new goal. This initiative aims to cut the EU's final energy consumption by 11.7% by 2030, compared to what was initially projected for the same period, based on the 2020 forecasts. This objective has been set to ensure significant benefits for individuals, businesses, and the environment through efficient energy use. Following the adoption of this updated legislation, it became effective across all EU member states in October 2023. The target translates into a reduction of 992.5 million tonnes of oil equivalent (Mtoe) in primary energy exhaustion and 763 Mtoe in final energy consumption by 2030.
Growing awareness of health and well-being significantly contributes to expanding the market. As scientific research increasingly highlights the profound effects of lighting on human health, including sleep patterns, mood regulation, and cognitive performance, there is a growing demand for lighting solutions that support overall well-being. Human-centric lighting, designed to align with the natural human circadian rhythm, is becoming essential in various settings, from homes and workplaces to healthcare and educational institutions. In July 2023, German-based Lighting Europe German Electrical and Electronic Manufacturers' Association (ZVEI) published a study revealing that human-centric lighting could enhance productivity by as much as 7.7% in manual labor settings. This improvement is attributed to increased concentration, fewer errors, and elevated motivation, leading to greater output.