The architectural LED products market globally has experienced a significant growth due to the surging demand for more efficient lighting, displays and fixtures in the residential and commercial places along with the rising awareness among people for energy conservation.
New York, NY -- (SBWIRE) -- 01/08/2016 -- According to a recent report published by Persistence Market Research, the global architectural LED products market is estimated to expand positively at a CAGR of 17.9% during the period between 2015 and 2021. The report, titled "Global Market Study on Architectural LED Products: Driven by Price Commoditization and Significant Growth in Enhanced Performance", estimates the global architectural LED products market to reach a valuation of US$10,751.1 mn by 2021. The overall market is expected to be worth US$3,997.5 mn by the end of 2015.
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Architectural LED lights are extensively used for illuminating building structures, museums, monuments, and bridges with artistic integration of light source. The LED lights are primarily used for decorative purposes in both indoor and outdoor applications. The overall architectural LED products market has been witnessing a surging demand since the past few years owing to growing awareness about energy conservation. The LED lights offer efficient lighting, fixtures, and displays across commercial and residential buildings. Increasing construction activities worldwide have encouraged installing energy conservation techniques for lighting. Further, retrofitting the existing buildings with energy efficient LED lightings will propel the demand from the market.
In terms of application, the global architectural LED products market has been segmented into wall washing, cove lighting, in ground, backlight, and others. In 2014, wall washing dominated the overall market and is expected to hold around 38.8% market share by end of 2015. The growing demand for wall washing can be attributed to increased adoption of architectural LED luminaries and lamps across government offices. Initiatives by various governments to build smart cities are expected to further boost the demand for wall washing.
Though there is growing awareness about the usage of renewable energy such as solar energy, a very small fraction of the global architectural LED products market is held by solar LED products. The market has been flooded by conventional products that are expected to account for 93.7% of the market by the end of 2015. The conventional architectural LED product segment is expected to expand at a CAGR of 17.7% during the forecast horizon. In 2014, the solar LED products accounted for only 9.3% of the market.
The conventional LED product segment has been further classified into strip and linear, and lamp. Strip and linear products dominated the conventional LED product segment in 2014 with 68.3% market share. During the forecast horizon, in terms of value, the lamp segment is anticipated to expand at a CAGR of 14.9%. Volume-wise, the segment is expected to rise at a CAGR of 34.9% during the forecast period.
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With increased construction activities across Asia Pacific, the region is expected to dominate the overall market. By 2015, the architectural LED products market in Asia Pacific is estimated to hold 47.1% market share.
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