Insync consulting services3/2/2023 ![]() ![]() This new solution can imitate sunlight inside the workplace and works in harmony with the Earth’s natural lighting cycle. For instance, in June 2019, Wipro launched the Human Centric Lighting (HCL) solution (inSync).Human-centric lighting helps create a work environment that balances the human body’s internal biological environment. Thus, organizations are focusing on designing workplaces considering human ergonomics. In recent years, the corporate sector has grown at a significant rate and employees work around 8-10 hours a day. Technology Trends Such as Human-Centric Lighting & Contactless Lighting Fueling Demand for LED Solutions “Increasing initiatives toward green energy & energy-efficient projects by governments and emergence of smart cities across the globe have led to a spur in the demand for LED lighting solutions,” says a Persistence Market Research analyst.įor In-Depth Competitive Analysis, Buy Now In GCC countries, sales are expected to increase at a CAGR of close to 17% over the next ten years.The market in India is expected to progress at a CAGR of almost 18% through 2031.South Asia & Pacific is anticipated to emerge as the fastest-growing regional market over the decade. East Asia is expected to lead the market, followed by North America.Installation services will be a dominating segment and rise at a CAGR of nearly around 21% from 2021 to 2031.The LED lighting solutions segment is estimated to expand at a robust CAGR of 14% through 2031. By product type, the LED luminaire segment is anticipated to account for a leading share in the global market during the forecast period.Adoption of LED solutions instead of incandescent and CFLs helps reduce electricity demand and increase efficiency, which is expected to drive market growth over the coming years. Such development are driving demand for LEDs products. The company plans to sell 10 million LED bulbs at Rs 10/piece across India. In April 2021, SYSKA announced a cheap LED bulb meant for rural areas.Decreasing prices of LED lights help penetrate the commercial lighting market, and these can be used in offices, commercial buildings, restaurants, stores, schools, and, hospitals. LED lamps possess a long lifetime, are energy efficient, and offer a service life of 50,000 hours or more. LED lighting products able to produce light around 90% more efficient than traditional light sources. As per the analysis, adoption of LED lighting solutions has been increasing due to the high durability of LED Lights, reduction in the prices of LEDs, and high energy-efficiency of LEDs for commercial, residential, and industrial applications. The report reveals a market valuation of US$ 81 Bn at present. According to the LED lighting solutions industry analysis by Persistence Market Research, demand registered in the market is slated to increase at a healthy CAGR of 15% from 2021-2031. ![]()
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