“Anytime-Anywhere” is the latest trend that has caught the consumer goods vertical and the scenario is expected to be the same even in the forecast period. This could be attributed to the influx of online advertising and communications channels such as voice assistants and podcasts, which are lowering the entry bars for competitors. Also, online vertical integration is on the anvil.
As per Persistence Market Research analysis, the global architectural LED products market is projected to expand at an impressive CAGR of close to 13% over the next ten years (2021 to 2031).
LED products are comparatively more environment-friendly than other lighting solutions. This benefit has positively impacted market growth over the past years. LED products are energy-efficient, which helps reduce the load on electricity power plants. Besides, LED lights have focused light that helps reduce unwanted light pollution in the environment, which is otherwise caused due to scattered light from other traditional lighting products.
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Key Takeaways from Architectural LED Products Market Study
- The architectural LED products market is projected to witness significant revenue growth during the forecast period, as environmental agencies and authorities are playing a significant role in promoting the benefits of using LED lighting.
- The COVID-19 pandemic outbreak has caused a decline in consumer spending on non-essential products, which has temporarily impacted the sales of architectural LED lighting.
- As the concept of sustainability is gaining traction across the world, solar LED products are projected to register notable growth.
- Europe, East Asia, South Asia, and North America are lucrative markets for architectural LED products. Factors such as high penetration of players, rising awareness of availability of innovative and sustainable lighting solutions, etc., have facilitated regional growth. East Asia & South Asia hold around 40% of overall market share, and are further projected to register notable growth, as infrastructure developments in these regions are happening at a rapid space.
- Around 8 out of every 10 sales of architectural LED products will take place for commercial purposes, over the decade.
- Even though solar energy is gaining traction, conventional architectural LED products will hold an extremely high market share of around 90% through 2031.
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Growing Significance of Using Architectural LED Lighting for Designing Spaces with Limitations
Besides providing an aesthetic appeal, LED lighting also require less space and is design flexible as compared to traditional lighting products. This is one among the few prominent features that is projected to augment sales of architectural LED lightings over the coming years.
Use of architectural LED products removes restrictions related to architectural designs such as height of ceiling, insulation contact concerns, plenum space, etc., when planning placement. Such product- and design-related features, along with efficient product performance, have accelerated the growth and adoption of architectural LED products.
The report underlines groundbreaking insights into the competitive scenario of the architectural LED products market, along with highlights of differential strategies used by manufacturers. Some of the prominent players operating in the global architectural LED products market include GE Lighting LLC, OSRAM Light AG, Samsung Group, Cooper Industries Plc, Verbatim Ltd, Galaxia Electronics Co., Ltd, Philips Lumiled Lighting Company LLC, Cree, Inc., Epistar Corporation, and Toshiba Lighting and Technology Corporation
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More Valuable Insights on Architectural LED Products Market
Persistence Market Research released a new market research on the architectural LED products market, covering global industry analysis of 2016-2020 and forecasts for 2021–2031. The market study reveals compelling insights on the basis of product type (solar and conventional), end user (residential and commercial) and application (cove lighting, wall washers, in-ground, backlight, and others), across seven major regions.