Light plays a very important role in creating a perception of space and its utilization in a given form of construction. Whether it is usage of outdoor light or installation of architectural LEDs, light adds immeasurable value to a given design. In recent times, as architects, consumers, contractors, and government policies are shifting towards green solutions, the demand for LEDs in architectural spaces has gone up by leaps and bounds. According to research conducted by Persistence Market Research, the global architectural LED products market was valued at US$3.4 bn in 2014 and is expected to reach US$10.7 bn by 2021, growing at a remarkable CAGR of 17.90% from 2015 to 2021.
Global Architectural LED Products Market to Grow due to Need for Efficient Lighting Solutions
The need for efficient lighting solutions, fixtures, and displays in commercial and residential spaces has made a positive impact on the global architectural LED products market. This demand is also being fueled by the growing number of aware and educated consumers who understand the dire need for energy conservation. It has been observed that demand from environment-friendly new buildings and retrofitting in existing buildings is leading to a huge demand for energy-efficient LED bulbs, thereby propelling the architectural LED lighting fixtures market across the globe.
Governmental Norms Encourage Builders to Use LED Lighting Products
In addition to the aforementioned, several governments across the globe have tightened regulations pertaining to usage of LED bulbs and fixtures, forcing manufacturers to comply with minimum standards of efficiency for lighting. This trend is especially picking up pace in Brazil, Thailand, China, and the U.S. Furthermore, governments in these regions have also banned the usage or installation of incandescent lighting in an effort to reduce CO2 emissions and bring in energy efficiency. These efforts have motived several construction companies to use LED lighting systems that adhere to these norms, in turn driving the demand from the global architectural LED products market.
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The global architectural LED products market has been segmented on the basis of type, application, end use, and region. The types of products in this market are solar and conventional. The applications of these products are seen in cove lighting, wall washing, in ground, backlight, and others such as specialty lighting. Residential and commercial are the two types of end users in the global architectural LED products market. In terms of geography, this market is segmented into Asia Pacific, the Middle East and Africa, Latin America, North America, and Europe.
Wall Washing Segment Shows Signs of Dominance in the Forecast Period
Amongst the several applications, the wall washing application segment of the architectural LED products market is estimated to grow mainly due to demand for lighting systems that are deployed for illumination of large surfaces such as museums, public or cultural buildings, and contemporary architecture. According to research analysts, this segment is expected to grow at a CAGR of 18.50% from 2015 to 2021. This segment is expected to dominate the overall architectural LED products market in the forecast period and be closely followed by the cove lighting segment.
Some of the important companies operating in the global architectural LED products market are Cooper Industries PLC (Eaton Corporation), Cree, Inc., Osram Lict AG, Philips Lumileds Lighting Company, Epistar Corporation, Toshiba Lighting & Technology Corporation, GE Lighting Solutions, Verbatim Ltd., Samsung Electronics Co., Ltd., and Galaxia Electronics Co. Ltd.