Dublin, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The "Architectural Lighting Market Size, Share & Trends Analysis Report By Component (Ballast, Lamps), By Application (Indoor, Outdoor), By Source, By End-user (Commercial, Residential, Industrial), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global architectural lighting market size is estimated to reach USD 15.98 billion by 2030, growing at a CAGR of 7.7% from 2023 to 2030.
The rising levels of disposable income and the subsequent shift in consumer focus toward enhancing the aesthetics of the premises are propelling the demand for architectural lighting, thereby prompting market players to invest in Research & Development (R&D) to develop innovative lighting solutions to attract potential business clients and augment profitability.
For instance, in July 2023, architectural lighting solution developer MARK Architectural Lighting launched a new lighting family, MAGELLAN, featuring circular, large-format architectural luminaires. The new portfolio includes lighting for recessed wall-mounted, recessed ceilings, pendants, and ceiling surfaces. These lighting solutions offer 600 lumens to 48, 500 lumens and support various features, such as easy deployment and use, advanced scheduling, BACnet integration, remote programming, and optional eldoLED proprietary driver technology. These benefits and factors can further drive the market growth during the forecast period.
The growing popularity of smart homes and the continued rollout of smart cities has triggered the demand for smart lighting solutions, which can be integrated with the latest technologies, such as the Internet of Things (IoT) so that they can be controlled remotely in real-time. Smart lighting solutions integrated with IoT sensors can typically facilitate remote operation and energy conservation. The continued rollout of smart cities in different parts of the world is driving the adoption of intelligent streetlamps and traffic control lights driven by smart lighting systems integrated with the smart city infrastructure. These factors would further drive the market growth during the forecast period.
LED architectural lighting has emerged as the most popular architectural lighting solution owing to the benefits, such as extended lifespan, reduced energy consumption, and lower maintenance requirements, associated with it. The U.S. Department of Energy estimated the energy saved due to the adoption of LED lighting by the end of 2027 at 348 terawatt hours. LED lights consume less energy and offer a longer lifespan than conventional lighting systems. LED lights tend to dim over time but do not fail or burn out like incandescent bulbs.
Depending on the quality of the product, LED lights offer a lifespan of approximately 30, 000-50, 000 hours. On the contrary, an average incandescent bulb typically lasts about 1, 000 hours, while a fluorescent bulb lasts approximately 8, 000-10, 000 hours. The longer operational lifespan of LED lamps, the comparatively lower costs for switching from conventional lighting to LED lighting, and the subsequent reduction in maintenance expenses are opening new opportunities for the adopt
ion of LED architectural lighting. These factors would further drive the market growth during the forecast period.
Companies Mentioned
- Acuity Brands, Inc.
- Cree Lighting
- Delta Light
- GE Current
- GVA Lighting
- Hubbell
- OSRAM GmbH
- Panasonic Corporation
- Signify Holding
- Siteco GmbH
- Technical Consumer Products, Inc.
- Zumtobel Group AG Shure Incorporated
Architectural Lighting Market Report Highlights
- In terms of component, the lamp segment is anticipated to register the fastest CAGR of 10.1% from 2023 to 2030. The increasing emphasis on interior aesthetics and the need to create visually appealing places has resulted in a considerable increase in demand for floor lamps and desk lights
- In terms of source, the LED segment is anticipated to register a CAGR of 8.7% from 2023 to 2030. Market players are introducing innovative LED architectural lighting solutions as part of their efforts to increase their customer base. For instance, in April 2023, LED lighting provider Lumenpulse launched the LED architectural lighting fixture Lumenfacade Pure for exterior applications
- In terms of application, the outdoor segment is anticipated to register the fastest CAGR of 8.3% from 2023 to 2030. Consumer views toward convenience, aesthetics, entertainment, and technology have altered in recent years because of increased spending on luxury goods. As a result, customers spent more money on house renovations to make their balconies or outdoor spaces more useful, leading to the rising demand for outdoor landscape lighting
- Based on region, the Middle East & Africa (MEA) is anticipated to emerge as the fastest-growing region over the forecast period at the fastest CAGR of 8.9%. The growth of the MEA market is driven by growing demand for and use of LED bulbs in lights and fixtures for commercial and residential buildings
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $8.94 Billion |
| Forecasted Market Value (USD) by 2030 | $15.98 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Architectural Lighting Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Business Environment Analysis Tools
3.4.1. Porter's Five Forces Analysis
3.4.2. PEST Analysis
3.5. COVID-19 Impact Analysis
Chapter 4. Architectural Lighting Market Component Outlook
Chapter 5. Architectural Lighting Market Source Outlook
Chapter 6. Architectural Lighting Market Application Outlook
Chapter 7. Architectural Lighting Market End-user Outlook
Chapter 8. Architectural Lighting Market: Regional Outlook
Chapter 9. Competitive Landscape
9.1. Company Categorization (Mature Players, Emerging Players)
9.2. Company Share Analysis, 2022
9.3. Heat Map Analysis
9.4. Strategy Mapping
9.5. Company Profiles (Overview, Financial Performance, Product Overview, Strategic Initiatives)
For more information about this report visit https://www.researchandmarkets.com/r/clf3ca
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