New York, July 19, 2022 (GLOBE NEWSWIRE) -- The global architectural LED products market is expected to surge ahead at a CAGR of 13.1% and climb to a value of US$ 43.23 Bn by the end of 2032.
Formation of trade treaties and associations among various nations is contributing to growth of the LED market, and, in turn, driving the demand for architectural LED products.
For instance, establishment of the ASEAN Economic Community facilitated electronic devices to be in accordance with uniform standard AHEEERR. This enabled LED product manufacturers to obtain safety certifications for electronic equipment in any one of member states by 2016 and sell it across the ASEAN region.
This is enabling LED product manufacturers to save ample time and cost to enter the Southeast Asian market without the need for multi-standard certifications for their products. Therefore, the implementation of uniform standards is expected to create significant opportunities for architectural LED product manufacturers going forward.
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Key Takeaways from Market Study
- Worldwide demand for architectural LED products is expected to increase at a significant CAGR of 13.1% through 2032.
- Demand for architectural LED lighting products is increasing substantially in residential communities and privately-built places of worship.
- Key suppliers of architectural LED products have significant growth opportunities in emerging markets such as India and China due to supportive government regulations associated with use of highly-efficient and eco-friendly lighting products in new infrastructure projects.
- Installation of energy- and cost-effective lighting systems in the commercial sector presents a huge market opportunity for providers of architectural LED products.
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“As the construction business is growing across the world, key providers of architectural LED products are expected to engage in tie ups with construction companies and home builders,” says an analyst at Persistence Market Research.
Key Market Players
The report highlights internationally insightful findings on competitive matters of the global architectural LED products market, including the strategic approaches adopted by manufacturers that empower their dominance.
Some of the key players identified across the architectural LED products market are Verbatim Limited, Toshiba Lighting And Technology Corporation, Epistar Corporation, GE Lighting LLC, Eaton Corporation (Cooper Industries LLC), Cree, Inc., OSRAM AG, Samsung Electronics, and Galaxia Electronics Company.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the global architectural LED products market, covering global industry analysis of 2017-2021 and forecasts for 2022 to 2032. This research report provides compelling insights on the basis of product type, application, and end user, across seven major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global architectural LED products market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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