Architectural LED Products Market goods is anticipated to grow quickly, with a 13.1% CAGR, and surpass its present size of US$ 12.57 Bn in 2022 to reach US$ 43.23 Bn by the end of 2032.
5%–10% of the items sold globally in the lighting business are architectural LED products.The use of architectural led goods increased between 2017 and 2021 at a high CAGR of 8.6%, with the United States, the United Kingdom, France, Germany, and Italy controlling a sizable portion of the global market.
Over the next few years, increasing demand for energy-efficient lighting is anticipated to fuel sales of architectural LED goods. demand for LED lighting solutions for buildings.
Additionally, it is anticipated that the rapid building and expansion of infrastructure in many regions of the world would have a significant beneficial impact on the growth of sales of architectural LED devices. Architectural LED product sales are anticipated to grow at a quicker rate than in prior years, 13.1% CAGR, over the following ten years.
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What are the Influencing Factors for the Architectural LED Products Industry?
“Government Initiatives to Promote Energy-Efficient Products”
- As increasing consumption of electricity is turning into a vital issue, regional governments and concerned authorities are undertaking numerous efforts to control energy consumption in households and commercial sectors.
- The U.S. Department of Energy, which actively addresses environmental, energy, and nuclear challenges, is one such authority that is aggressively promoting the ideology of efficient energy consumption. It has published numerous resources related to strategic energy management and continuous improvement, energy-efficient resource standards, industry coalitions and outreach, etc.
- Such initiatives will only drive demand for LED systems, including architectural LED products, over the coming years.
“Opportunities Abound in Non-OECD Countries”
- Many of the low- and middle-income countries classified under non-OECD guidelines and think tanks are focusing on their economic advancement and expansion goals. Countries such as India, Malaysia, South Africa, Indonesia, Brazil, Chile, Vietnam, Thailand, etc., are a few of the most popular countries that are presently seeing huge investments in private and public sector developments.
- For instance, according to statistics of the India Brand Equity Foundation conducted by the Departments of Commerce, Ministry of Commerce and Industry, Government of India, the country plans to invest US$ 1.4 trillion during 2019-2025 in infrastructure developments for the energy sector, urban development, and urban and railways, and roads, among others.
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Competition Landscape
With the growth of LED products, suppliers of LED lighting solutions are focused on innovation and producing a higher return on investments across all product segments. Companies are also undertaking constant efforts to improve brand awareness in both, commercial and consumer niches.
In addition to these strategies, market players have also typically taken up acquisition procedures for the purpose of desirably adhering to changing industry environments with an aim to secure long-term profitability. One such brand is Philips.
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