Architectural LED Products Market Overview
Architectural LED products are aesthetic lighting frameworks that provide lighting designers with the creative flexibility they desire. Architectural LED products have a wide range of applications; they are used to illuminate landmarks, galleries, additions, and homes using a creative light source combination. Architectural LED products are brilliant lighting frameworks that are also cost-effective. When it comes to energy efficiency, architectural LED products considerably outperform traditional lighting systems.
Market Size and Forecast
Over the forecast period of 2019-2027, the global architectural LED products market is expected to grow at a healthy 18.5 percent compound annual growth rate (CAGR). In the last several years, there has been a startling increase in demand for architectural LED from almost all fields, including private and business. Before the end of 2019, the global market for architectural LED goods was valued at over US$ 8,067.3 Mn, and it is likely to rise in the not-too-distant future.
Global Architectural LED Products Market: Drivers and Restraints
One of the key factors driving the growth of the global architectural lighting industry is lowering overall energy usage. The use of a combination of energy-efficient LEDs in architectural lighting can reduce energy consumption. Additionally, organisations can reduce their capital consumption by utilising architectural lighting as a service (LaaS). Architectural lighting allows for planned maintenance and blackouts, reducing downtime and vacation. Architectural lighting allows for easier re-drafting and architectural future sealing without having to change lighting installations.
Key Players
Key organizations working in the worldwide architectural LED products market are Epistar Corporation, GE Lighting LLC, Galaxia, Cree Inc., Cooper Industries PLC, Signify N.V., Philips Lumiled Lighting Company LLC, Verbatim Ltd., Osram Licht AG, Toshiba Lighting and Technology Corporation, and Samsung Electronics.
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