Market Research Report
Architectural Lighting - Global Market Outlook (2018-2027)
|Architectural Lighting - Global Market Outlook (2018-2027)|
Published: May 1, 2020
Stratistics Market Research Consulting
Content info: 129 Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Architectural Lighting market is accounted for $7.23 million in 2018 and is expected to reach $14.33 million by 2027 growing at a CAGR of 7.9% during the forecast period. Some of the key factors propelling the market growth include adoption of architectural lighting across the commercial and residential sectors, growing demand and usage of LED bulbs in lamps and fixtures, and technological improvements in the manufacturing of lighting solutions. However, the high overhead cost of installation and customization increases the overall lighting project cost, thereby restrict market growth.
Safety is a primary concern in architectural spaces, and it is quite important to acknowledge the need for adequate architectural lighting. Proper architectural lighting also plays a major role in creating an experience for people occupying the architectural space. Architectural lighting draws a person's attention to the form of space, enabling the architecture to serve its true purpose. Companies offer architectural lighting solutions based on accepted international and national standards. These architectural lighting solutions have integrated long life LEDs that reduce the maintenance expenditure and energy wastage to a much greater extent.
By type, the light-emitting diode (LED) lights segment is projected to grow at the significant rate during the forecast period, due to the reduced energy consumption cost and availability of appealing LED lighting fixtures. Moreover, increasing of LED in architectural lighting across indoor and outdoor areas of buildings allows it to be incorporated into facade lighting, recessed floor light, decorative pendant, chandelier light, and strip light.
On the basis of geography, Asia Pacific region is anticipated to have considerable market growth during the forecast period, due to improving lifestyle, growth in disposable income, and availability of economically priced architectural lights. The region has more than 40 countries, and most of them are identified by "The United Nations" as under-developing or developing nations. The infrastructure development in commercial buildings, public spaces, and high-end residential complexes in the developing nations of Asia is necessitating the need for innovative lighting solutions. This, in turn, is contributing to the increasing demand for installation of appealing interiors and exterior architectural lighting.
Some of the key players in architectural lighting market include General Electric Company, Philips Lighting, GVA Lighting, Samsung LED, Hubbell, OSRAM GmbH, IDEAL INDUSTRIES INC. (Cree Lighting), Delta Light, Signify Holdings, TCP International Holdings Ltd, Siteco GmbH, SeaGull Lighting, Technical Consumer Products, Inc., Orion Inc., Zumtobel Group AG, Acuity Lighting Inc., Feilo Sylvania, Artemid Architectural, W.W. Grainger, Inc., and XAL.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.