Global architectural LED products market is expected to register a CAGR of 18.2% over the forecast period
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“Architectural LED Products Market: Global Demand Analysis & Opportunity Outlook 2024”
The global architectural LED products market is segmented into product type such as solar and conventional. Further, conventional architectural LED products segment is sub-segmented into strip & linear and lamp.
Among these segments, solar segment is expected to experiences considerable demand in the market of architectural LED products. The growth of this segment can be attributed to rising utilization of solar energy and a number of advantages offered by solar LED products such as self-contained, zero electricity bill and minimal ongoing costs.
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The global architectural LED products market was valued at USD 3.9 Billion in 2016 and is projected to reach at revenue of USD 10.2 Billion by the end of forecast period. Rising adoption of architectural LED products in commercial and architectural applications is a key factor which is anticipated to foster the growth of this segment during the forecast period.
The commercial segment by end-user is likely to grow at maximum pace during the forecast period. Rising urbanization in emerging countries and increasing number of buildings, malls and hotels across the globe are likely to be the dynamic factors behind the growth of this segment during the forecast period.
Growing constructional Activities
The world is witnessing highly growing construction activities and high spending by owners on renovation, interior and outdoor designs of new constructions. Further, growing demand for architectural LED lighting solutions in pathways, bikeways, subways, parks and other indoor & outdoor applications is believed to foster the growth of global architectural LED products market over the forecast period.
Growing Energy Concerns and government initiatives
Rising electricity prices is a major factor which has fueled the demand for high energy efficient lighting products in residential and commercial places. Further, a number of advantages offered by architectural LED products such as cost effective, energy efficient, solar powered, smile to use and compact design are increasing the adoption of architectural LED products in residential and commercial applications.
Further, favorable government’s initiatives to promote LED products and solar powered products due to their low carbon emission are also fostering the growth of global architectural LED products market.
Although, presence of low cost lighting solutions in the market some is a key factors that is likely to inhibit the growth of the architectural LED products market in the near future.
The report titled “Architectural LED Products Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global architectural LED products market in terms of market segmentation by product type, by application, by end-user type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global architectural LED products market which includes company profiling of Copper Industries PLC, Philips Lumileds Lighting Company, Osram Licht AG, Epistar Corporation, Cree Inc., Verbatim Ltd, GE Lighting Solutions, Samsung Electronics Co. Ltd., Toshiba Lighting & Technology Corp.
and Galaxia Electronics Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global architectural LED products market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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