The architectural lighting market is expected to surpass USD 10 billion, by 2021, says Technavio.
Technavio has announced its latest market research report on the global architectural lighting market, under its lighting portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Cree Lighting, OSRAM, Philips Lighting, Samsung LED, Seoul Semiconductor, and GE Lighting.
According to Sunil Kumar Singh, a lead analyst for lighting research at Technavio, “The rise in government regulations on energy-efficient lighting solutions is spurring a rise in the adoption of the ENERGY STAR-certified products. The certifications include certain guidelines for products such as the minimum level of requirement for the lifespan of the product, color quality, energy efficiency, and optical output that must be met before lighting products can use their label.”
Some of the energy certification programs are ENERGY STAR certification, DesignLights Consortium, and Lighting Design Lab certification. ENERGY STAR-certified LED products consume 75% less energy compared to the incandescent light bulbs, thus leading to increased adoption among consumers.
Click here to request a free sample of this report
Growing advances in lighting technology
With the technological transitions in the market, consumers are developng a preference for product enhancements that are aimed at better efficiency and power-saving capabilities for decoration in the architectural lighting market. As a result of these technological transitions, vendors are more focused on the technological needs of end-users. Furthermore, the increasing awareness of the green technology is also prompting manufacturers in the market space to focus on energy-efficient and environment-friendly lights.
Declining manufacturing cost of LEDs
The manufacturing cost of lights have been declining since 2012 owing to the reducing ASP of chips and components used in the manufacture of lights. The mass production of LED lighting products is another reason for the decline in the production cost. The penetration and demand for LED lighting has increased due to the reducing ASP. This provides vendors with the opportunity to reduce the variable cost associated with manufacturing by operating their manufacturing facilities at full capacity.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Architectural Lighting Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Light Emitting Diode (LED) Phosphor Market 2017-2021
- Global UV Lamp Market 2017-2021
- Global Vein Illumination Device Market 2017-2021
To read more press releases – click here
