According to Research Report Insights (RRI) report, titled “Global Market Study on Architectural LED Products: Driven by Price Commoditization and Significant Growth in Enhanced Performance”, the global architectural LED products market in 2015 valued worth US$ 3,997.5 million and is projected to exhibit a healthy CAGR of 17.9%, accounting for US$ 10,751.1 million in the forecast period from 2015 to 2021.
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Globally, the architectural LED products market is driven by the certain regulations taken by government that encourages the usage of LED lighting systems by construction companies. These kind of lighting systems helps in reduction of carbon emission and increases the energy as well. Owing to long lasting feature of these lighting products, a paradigm shift in the global market for architectural LED products is observed. Growing inclination of consumers in the direction of luxurious lifestyle is anticipated to fuel the market demand for architectural LED products in residential areas globally. This factor is estimated to be the main factor for market growth of the architectural LED products
The global architectural LED products market is categorized into product type, application type, end user type and regions. Based on product type, the global architectural LED products market is bifurcated into conventional and solar type. On the basis of conventional type, the global market for architectural LED products is sub-segmented as lamp and strip & linear type. Among these, in 2014, the segment of strip & linear type accounted for value share of 68.3% of the total conventional type products. While the segment of the lamp is projected to grow at a healthy CAGR of 14.9% over the forecast period and in terms of volume, this segment is estimated to increase at a CAGR of 34.9% in the coming years.
Based on application type, the global architectural LED products market is categorized into wall washing, backlight, cove lighting, in-ground and others. Among these, the segment of wall washing was dominant in the year 2014 while in 2015 it accounted for value share of 38.7% of the overall market. The segment of wall washing is driven by growing adoption of lamps &luminaries of architectural LEDs by several government offices and various historical monuments for the sake of smart city initiatives is projected to fuel the market growth over the forecast period.
Based on end user type, the global architectural LED products market is classified as commercial and residential. On the basis of commercial type, the global market for architectural LED products is sub-segmented as IT & telecom, media & entertainment, retail, BFSI and healthcare. Among these, the segment of commercial type in 2014 accounted for market share of 76.9% and while in 2015, it valued for 77.3% of the overall market. Regionally, the segmentation is done into North America, Europe, APAC, Latin America and MEA. Among regions, APAC market was dominant in 2015, depicting market share of 47.1% and will remain dominant by the end of 2021.
Some of the key players operating in the global market for architectural LED products include Philips Lumileds, Epistar Corporation, Verbatim Ltd, Samsung Electronics, Galaxia Electronics, Eaton Corporation, Osram Licht AG, Cree, GE Lighting Solutions and Toshiba, among others.