Persistence Market Research has announced the addition of the “Architectural LED Products Market Driven by Global Push for Greater Energy Efficiency" report to their offering.
A fresh business and commerce publication by Persistence Market Research has reiterated the faith in the global architectural LED products market , projecting the demand to expand at a CAGR of 17.3% during the forecast period of 2017 to 2021. However, while there are mushrooming opportunities in the architectural LED products market, the analysts of the report have also made aware that the vendor landscape is highly competitive.
And to stay ahead of the curve, players will have to continuously improve their technology. For instance, Toshiba Lighting and Technology Corporation and GE Lighting LLC, who are among the pioneering companies of LED light bulb, are concentrating on developing smart LED lighting for smart homes, with energy efficiency at its backbone.
The trailblazer companies have realized the growing ubiquity of smartphones and exceptional possibilities of the Internet of Things (IoT) to attract new customers. Philips Lumileds Lighting Company, Cooper Industries PLC (Eaton Corporation), Osram Licht AG, Cree, Inc., Epistar Corporation, and Samsung Electronics Co. Ltd. are some of the other key companies currently functional in the global architectural LED products market.
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Global Architectural LED Products Market to be Worth US$ 10,751.1 Mn by 2021
As per the evaluations and estimations of this report, the opportunities in the architectural LED products market, across the world, will translate into a revenue of US$10,751.1 mn by the end of 2021, substantially more than its calculated valuation of US$5,672.2 mn in 2017. Apart from technological advancements, another key strategy for the major players to maintain their stronghold over the market will be to collaborate with government agencies and construction companies to expand their consumer base.
A number of aforementioned key players are also expected to indulge into decorative outdoor lighting and security application to carve a niche for themselves.
Market Segmented Based on Product, Application, and Region
Based on product type, the report has segmented the global architectural LED products market into solar and conventional, which is further sub-segmented into lamps and strip and linear. Application-wise, the market has been bifurcated into wall washing, in ground, cove lighting, backlight, and other applications.
The market for architectural LED products has also been categorized on the basis of end user into residential and commercial, which is further divided into retail, banking, financial services, and insurance (BFSI), IT and telecommunication, healthcare, media and entertainment, and others. Geographically, Asia Pacific has been highlighted as the region with maximum potential, primed to contribute more than half of the overall demand in the global architectural LED products market.
Decreasing Cost of Technology Driving Demand
Growing emphasis on energy efficiency and decreasing cost of LED products on the back of technological advancements are the primary drivers of the architectural LED products market. LED products not only consume considerably less power but they have much longer lifespan than conventional incandescent bulbs.
Additionally, it is also possible to size and shape LED products in a broader way their predecessors, which comes in very handy to meet diverse demands from decoration to depth. Government initiatives to promote products that offer higher energy efficiency in an increasing power-starved environment, increasing consumer inclination towards luxurious lifestyle, and uniformity in trade standards and treaties are some of the other factors expected to reflect positively on the market for architectural LED products market.
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On the other hand, requirement of substantial initial cost and increasing consumer inclination towards other alternatives such as fluorescent technology are a few restraints challenging the market from attaining its true potential. That being said, tie-ups with real estate and ecommerce players is expected to open new opportunities in this market.
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