September 08, 2021
According to the recent research report titled ‘Global Architectural Lighting Market Size study, by Type (Light-Emitting Diode (LED), High-Intensity Discharge (HID) and Others), by Application (Indoor and Outdoor), by End-user (Residential and Commercial), and Regional Forecasts 2021-2027’, available with Market Study Report, global architectural lighting market was worth USD 8.28 million in 2020 and is projected to record a CAGR of 6.1% over 2021-2027, subsequently amassing USD 12.53 million by the end of the forecast period.
Rising residential construction, and technological advancement are the major factors driving global architectural lighting market growth, cites the study.
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Moreover, new product launches by key players in the vertical are adding to the industry progression. For instance, Panasonic released a Wi-Fi enabled smart LED bulb as an addition to its smart home ecosystem in October 2020. This 9-watt Smart Wi-Fi LED Bulb offers automated scheduling functions and multi-color lighting.
For the unversed, architectural lighting is a blend of art and technology that improves functionality, aesthetics, and energy efficiency of a building or any space.
Surging demand for energy-efficient lighting devices and increasing deployment of customized lighting solution are significantly contributing to the market development. Citing an instance, Zumtobel Group, in March 2021, developed a special lighting system for the Fondation Beyeler, a museum in Basel, Switzerland.
Considering factors restraining worldwide architectural lighting industry expansion, high cost of installation of such lighting, along with strict safety and energy saving standards are likely to act as major challenge for businesses in this domain.
Elaborating on geographical terrain, Latin America, Asia Pacific, Europe, and North America are the top contributors to the overall market remuneration. Of these, Asia Pacific currently holds major market share, owing to infrastructure development in high-end residential complexes, commercial buildings, and public spaces in emerging economies like India.
Meanwhile, Europe market is expected to witness a robust CAGR over 2021-2027, creditable to growing adoption of energy-efficient lighting system and advanced control systems in the region.
Leading organizations operating in global architectural lighting marketplace are Galaxia Electronics Co. Ltd., Verbatim Ltd., Toshiba Lighting & Technology Corporation, TCP International Holdings Ltd., Signify Holding B.V. (Philips Lighting Holding B.V.), Seoul Semiconductor Co. Ltd., Samsung Electronics Co Ltd., Osram Licht AG, and Acuity Brands Lighting Inc.