SAN FRANCISCO, May 7, 2020 /PRNewswire/ -- The global architectural lighting market size is expected to reach USD 12.2 billion by 2027, expanding at a CAGR of 6.1% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to rising demand for aesthetic lights for decorating homes and commercial spaces such as offices, malls, shops, restaurants, and hotels. Furthermore, the transition of lighting bulbs from fluorescent to LEDs provides flexibility to a lighting designer in creating a variety of lighting fixtures for commercial and residential building. This, in turn, is accelerating the adoption of architectural lights among interior designers. The architectural lights also help to highlight each corner and space of a large room, such as museum, movie theater, restaurant, and office by accentuating the aesthetics of interior and exterior of the building. This, in turn, is driving the market over the forecast period.
Key suggestions from the report:
- The LED light type segment dominated the market and accounted for a revenue share of over 76.0% in 2019. The higher demand for LED architectural lighting is due to its cost-saving potential, energy efficiency, long service life, and availability of intricately designed fixtures
- The residential segment is anticipated to witness the highest CAGR of 12.9% over the forecast period. The demand for smart lights and luminaires in residential buildings is increasing due to the rise in disposable income across the emerging economies
- Asia Pacific is expected to dominate the architectural lighting market during the forecast period owing to construction of large number of commercial buildings across countries such as India, China, Japan, and Australia along with emerging real estate market in Philippines, Indonesia, Malaysia, Thailand, and Vietnam
- Some of the major players present in the market are Acuity Brands Lighting Inc.; IDEAL INDUSTRIES INC.; Hubbell, Delta Light, GE Current, a Daintree company; Technical Consumer Products, Inc.; Siteco GmbH, Signify Holdings, Zumtobel Group AG, and GVA Lighting. These key players are anticipated to dominate the market owing to their capability to provide technology integrated lights offering unique designs.
Read 140 page research report with ToC on "Architectural Lighting Market Size, Share and Trends Analysis Report By Light Type (LED, HID), By Application Area, By End User (Residential, Commercial), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/architectural-lighting-market
The rapidly growing construction of the commercial building and residential building owing to urbanization and globalization across developing countries such as Brazil, India, China, and South Africa, is one of the major contributing factors boosting the demand for architectural lighting. Growing investment in construction projects at smart cities and Special Economic Zone (SEZ), Free Trade Zone (FTZ), and Export Processing Zone (EPZ) are further expected to increase demand for outdoor as well as an indoor lights. Moreover, smart city projects are providing an impetus to the growing demand for technology-enabled architectural lighting solutions, thereby driving the growth of the market.
The lighting industry has evolved, which has shaped the customer perception of using light for decorative purposes. Moreover, a well-lit environment contributes significantly towards improving the safety and security of the environment. The introduction of LEDs further strengthened the designing technique of lighting fixtures and lamps, helping interior designers to provide an array of lighting solutions for commercial and residential spaces. In addition, the introduction of OLED lights has further augmented the market potential owing to benefits such as a lesser number of components as compared to LED fixtures, lightweight, and thin structure. However, the high cost of OLED lights coupled with issues regarding efficacy and life expectancy at higher luminance levels is anticipated to hamper the market.
Grand View Research has segmented the global architectural lighting market on the basis of light type, application area, end user, and region.
- Architectural Lighting Type Outlook (Revenue, USD Million, 2016 - 2027)
- Light-Emitting Diode (LED)
- High-Intensity Discharge (HID)
- Architectural Lighting Application Area Outlook (Revenue, USD Million, 2016 - 2027)
- Architectural Lighting End-user Outlook (Revenue, USD Million, 2016 - 2027)
- Architectural Lighting Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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