Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "Architectural LED Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global architectural LED products market is set to witness a substantial growth trajectory during forecast period 2024-2031. By the end of 2031, the market is expected to achieve a market value of US$ 40 billion, a remarkable increase from its current size of US$ 15 billion in 2024. This significant expansion underscores the growing demand for energy-efficient lighting solutions and innovative architectural LED products.
Increasing Awareness of Energy-Efficient Lighting Drives Demand
Between 2019 and 2023, the utilization of architectural LED products experienced a high CAGR, with the United States, United Kingdom, France, Germany, and Italy holding substantial shares in the global market. The surge in awareness regarding energy-efficient lighting solutions is expected to be a major catalyst for the continued growth of architectural LED products in both commercial and residential sectors.
Infrastructure Developments Fuel Sales Growth
Rapid infrastructure development and construction activities across various regions of the world are poised to positively impact the sales growth of architectural LED devices. Over the next decade, global sales of these products are projected to accelerate, surpassing previous growth rates.
Key Factors Influencing the Architectural LED Products Industry
Government Initiatives to Promote Energy-Efficient Products: Governments and authorities worldwide are increasingly focused on controlling energy consumption, leading to initiatives that promote efficient energy use. For example, the U.S. Department of Energy actively supports energy-efficient practices and standards, bolstering demand for LED systems, including architectural LED products.
Ongoing R&D Boosts Sales: Several industry leaders are heavily investing in research and development to gain a competitive edge by creating innovative lighting solutions. Companies like Philips are at the forefront of investing in breakthrough innovations in smart lighting, enhancing brand reputation and driving product sales.
Opportunities in Non-OECD Countries: Emerging economies such as India, Malaysia, South Africa, Indonesia, Brazil, Chile, Vietnam, and Thailand are witnessing substantial investments in infrastructure development. This presents significant potential for LED architectural products in non-OECD countries.
Country-wise Insights:
U.S. Dominates North American Market:
- The U.S. dominates the North American architectural LED market in 2024, especially in the commercial sector.
- It holds a significant share in the North American market due to high demand for smart, energy-efficient lighting solutions.
- Government initiatives for efficient lighting further boost LED product adoption.
Brazil Presents Lucrative Opportunities:
- Brazil's architectural LED market held a substantial share in Latin America in 2023.
- It's expected to grow significantly due to infrastructure development efforts and policies attracting investments.
Germany's Innovative Potential:
- Germany's architectural LED market shows potential for high growth in Europe.
- Innovation is a key factor, driving success by introducing new products and innovations to gain a competitive edge.
Competitive Analysis:
Suppliers of LED lighting solutions are increasingly focusing on innovation, improved brand awareness, and acquisitions to secure long-term profitability. Companies like Philips are leading the way in adapting to changing industry environments.
Key Companies Profiled:
- Verbatim Limited
- Toshiba Lighting And Technology Corporation
- Epistar Corporation
- GE Lighting LLC
- Eaton Corporation (Cooper Industries LLC)
- Cree, Inc.
- OSRAM AG
- Samsung Electronics
- Galaxia Electronics Company
- Others (as per request)
Key Segments in Architectural LED Products Industry Research
By Product Type:
- Solar Architectural LED Products
- Conventional Architectural LED Products
- Strips & Linear
- Lamps
By End User:
- Residential Architectural LED Products
- Commercial Architectural LED Products
- Retail
- IT & Telecommunications
- Banking, Financial Services & Insurance (BFSI)
- Media & Entertainment
- Healthcare
- Others
By Application:
- Cove Lighting
- Wall Washers
- In-Ground
- Backlight
- Others
For more information about this report visit https://www.researchandmarkets.com/r/wksv1u
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
