According to the latest market report published by Persistence Market Research, titled “Global Market Study on Architectural LED Products: Driven by Price Commoditization and Significant Growth in Enhanced Performance.”
New York, NY -- (SBWIRE) -- 06/12/2017 -- The architectural LED products market is estimated to be valued at US$ 3,997.5 Mn by the end of 2015 and is anticipated to expand at a CAGR of 17.9% from 2015 to 2021 in terms of value, to account for US$ 10,751.1 Mn by 2021.
Architectural LED lights are used mainly for illuminating monuments, museums, building structures, residents and bridges with the artistic integration of light source. Architectural LED lighting can be used for decorative purpose and can be applied for both indoor and outdoor purposes.
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Currently, the global market for architectural LED products is driven by the factors such as government regulations encouraging construction companies to deploy LED lighting systems. LED lighting systems help in increasing energy efficiency and reduces carbon emission. Due to the longer life span of architectural LED lighting products, the market is witnessing a paradigm shift from the adoption of conventional lighting solution to the more efficient architectural LED products. Increasing consumer inclination towards luxurious lifestyle is projected to boost demand for architectural LED lighting products across the globe in the residential sector in which in turn is expected to be the primary factor contributing to the growth of the architectural LED products market.
On the basis of products, the global architectural LED market is segmented as solar and conventional products. In terms of value, the conventional products segment is expected to account for 93.7% share of the global architectural LED products market by the end of 2015 and is anticipated to expand at a CAGR of 17.7%, during the forecast period (2015–2021). In terms of volume, the solar LED products accounted for 9.3% in 2014.
The conventional products segment is further classified into strip & linear products and lamps. Strip & linear products accounted for the 68.3% share in terms of the value of the conventional products segment in 2014. In term of value, the lamp segment of the global architectural LED products market is anticipated to expand at a CAGR of 14.9% during the forecast period and in terms of volume units, the lamp segment of the global architectural LED products market is anticipated to expand at a CAGR of 34.9% during the forecast period.
On the basis of application, the architectural LED products market is segmented as cove lighting, wall washing, in the ground, backlight and others. Among these, wall washing segment dominated the market in 2014 and is expected to account for 38.8% share of the global architectural LED products market by 2015 end in terms of value. Increasing adoption of architectural LEDs luminaries and lamps by government offices and another historic monument as part of smart city initiatives is expected to drive the market growth of wall washing segment during the forecast period.
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The report provides in-depth information about various trends driving each segment and provides analysis and insights about the potential of the architectural LED products market in specific regions. On the basis of region, the global market for architectural LED products is segmented into five regions; among these, Asia-Pacific is expected to dominate the market representing 47.1% share by the end of 2015.in terms of value and is analyzed to remain dominant by 2021.
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Key players in global architectural LED products market include Cooper Industries PLC (Eaton Corporation), Philips Lumileds Lighting Company, Osram Licht AG, Epistar Corporation, Cree, Inc., Verbatim Ltd., GE Lighting Solutions, Samsung Electronics Co., Ltd., Toshiba Lighting & Technology Corporation and Galaxia Electronics Co. Ltd.