Architectural LED lights are widely used to illuminate bridges, building structures, museums, and monuments for the artistic integration of light source. Architectural LED lighting is extensively used across outdoor and indoor places for decorative purposes. The growing awareness about energy conservation has further boosted the demand for efficient lighting, fixtures, and displays across the residential and commercial sectors. The global architectural LED products market is projected to expand strongly at a CAGR of 17.9% during the period between 2015 and 2021 and reach a valuation of US$10,751.1 mn by 2021. The overall market was worth US$3,421.2 mn in 2014.
Browse Full Global Architectural LED Products Market Report with http://www.mrrse.com/architectural-led-products-market
The implementation of government regulations mandating the usage of LED bulbs across countries such as Thailand, Brazil, the U.S., and China has boosted the growth of the global architectural LED products market. The ban on the adoption of incandescent lighting products across various countries to improve energy efficiency and reduce emissions is also expected to fuel the demand for architectural LED products.
Wall Washing Segment to Witness Highest growth in Global Architectural LED Products Market
On the basis of application, the global architectural LED product market has been divided into wall washing, cove lighting, backlight, in ground, and others including specialty lighting. The wall washing segment is the leading segment in the market owing to the growing demand for lighting systems used for illuminating large surfaces such as contemporary architecture and public cultural buildings. During the period between 2015 and 2021, the segment is expected to expand at a CAGR of 18.5% and was projected to reach a valuation of US$1,557.1 mn by the end of 2015.
In terms of end user, the global architectural LED products market has been broadly categorized into commercial and residential. The commercial segment accounted for 76.9% of the market in 2014 and is estimated to hold 77.3% of the overall market by 2015. The commercial sector has been sub-segmented into IT and telecom, retail, media and entertainment, BFSI, healthcare, and others including museums, government offices, educational institutes, and places of worship. The others sub-segment is expected to drive the demand from the market in the near future.
Asia Pacific to Drive Demand from Global Architectural LED Products Market
The global architectural LED market has been segmented into five key regions: Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. In the developed economies in North America and Europe, the demand for architectural LED products has been significantly high. However, in the coming years, Asia Pacific is expected to witness the fastest growth in the market as the continuous decline in the price of LED products has boosted their adoption across the region. By 2021, Asia Pacific is anticipated to emerge as the largest market for architectural LED products.
Key Players in Global Architectural LED Products Market
Some of the key players in the global architectural LED products market are Philips Lumileds Lighting Company, Cooper Industries PLC (Eaton Corporation), Osram Lict AG, Cree Inc., Epistar Corporation, Verbatim Ltd., Samsung Electronics Co. Ltd., GE Lighting Solutions, Toshiba Lighting & Technology Corporation, and Galaxia Electronics Co. Ltd.