Based on product type, the architectural LED products market has been segmented into solar, conventional, strip & linear and lamps. Among these segments, the conventional product market dominates the overall architectural LED products market and is anticipated to preserve its dominance over the forecast period. The architectural LED has longer life span as compared to other conventional lighting products. These factors are expected to increase the demand for architectural LED products in near future.
The global market for architectural LED products stood at a valuation of USD 3.9 Billion by the end of 2016 and is projected to expand at a robust compound annual growth rate of 18.2% over the period 2017-2024. This can be attributed to the demand for architectural LED products from almost all sectors including residential and commercial sectors. In addition to this, the increase in purchasing power of the consumers and their inclination toward luxurious life style is expected to propel the growth of global market of architectural LED products.
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In regional segment, Asia-Pacific region has dominated the global architectural LED products market with a share of about 48% by the end of 2016 and is analyzed to remain dominant over the forecast period due to rise in adoption of architectural LED products in the region followed by North America and Europe.
Growing Demand for Attractive Architectural LED Products
Factors such as attractiveness, flexible installation, significant cost reduction and consistent brightness & uniformity are some of the major drivers which have driven the global Architectural LED Market. The architectural LED products can be very attractive and at same time they can be proved as cost effective lighting products too. These factors are expected to benefit the expansion of architectural LED products market over the forecast period.
However, the challenges such as high initial cost and lack of awareness among end users about architectural LED products are likely to inhibit the growth of the architectural LED products market in the near future.
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The report titled “Architectural LED Products Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the architectural LED products market in terms of market segmentation by product type, application, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the architectural LED products market which includes company profiling of Copper Industries PLC, Philips Lumileds Lighting Company, Osram Licht AG, Epistar Corporation, Cree Inc., Verbatim Ltd., GE Lighting Solutions, Samsung Electronics Co. Ltd., Toshiba Lighting & Technology Corp. and Galaxia Electronics Co. Ltd.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the architectural LED products market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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