PUBLISHER: The Business Research Company | PRODUCT CODE: 1409202
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409202
“Architectural lighting Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on architectural lighting market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for architectural lighting? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The architectural lighting market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Architectural lighting is the illumination designed to enhance and complement the architectural features of a building. It serves the dual purpose of providing functional lighting while also contributing to the aesthetic and visual appeal of the architecture.
The main types of architectural lighting include incandescent lights, fluorescent lights, high-intensity discharge (HID) lights, light-emitting diode (LED) lights, and others. Incandescent light bulbs consist of a glass and metal device that produces light by heating a thin wire filament with an electrical current. Various lighting types, such as ambient, task, and accent lighting, are applied for purposes such as wall wash, cove lighting, backlighting, and others. Architectural lighting is utilized in residential, commercial, and other settings.
The architectural lighting market research report is one of a series of new reports from The Business Research Company that provides architectural lighting market statistics, including the architectural lighting industry global market size, regional shares, competitors with architectural lighting market share, detailed architectural lighting market segments, market trends, and opportunities, and any further data you may need to thrive in the architectural lighting industry. This architectural lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The architectural lighting market size has grown strongly in recent years. It will grow from $8.39 billion in 2023 to $9.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to factors such as urbanization and infrastructure development, evolving design and aesthetic trends, regulatory changes, cultural and social influences, advancements in control systems, and market globalization.
The architectural lighting market size is expected to see strong growth in the next few years. It will grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to factors such as the emergence of new applications, the integration of human-centric lighting, increasing demand for customization and personalization, urban development projects, and smart city initiatives. Major trends in the forecast period include human-centric lighting design, the adoption of smart and connected lighting, a focus on sustainability, a shift towards dynamic and interactive lighting, and artistic and design-driven innovation.
The increasing demand for energy-efficient lighting solutions is poised to be a driving force behind the growth of architectural lighting. Energy-efficient lighting, designed to curtail power consumption and carbon emissions without compromising light quality, stands as a pivotal luminaire option. These solutions leverage less energy to produce the same illumination as traditional counterparts while boasting an extended lifespan. Moreover, the surging adoption of LED lighting solutions has significantly bolstered the call for energy-efficient lighting. Notably, as of September 2022, the International Energy Agency (IEA) reported that LED lighting accounted for 48% of global lighting sales in 2021, projected to escalate to 99% by 2030. Furthermore, LED lighting's efficiency, measured at 111 lumens per watt in 2021, is expected to elevate to 142 lumens per watt by 2030, reinforcing the escalating demand for energy-efficient lighting solutions driving the architectural lighting market.
The burgeoning growth within the construction industry is anticipated to be a catalyst for the architectural lighting market's expansion. Playing a pivotal role in planning, design, execution, and management across multiple sectors such as residential, commercial, and civil engineering, the construction industry integrates architectural lighting to elevate aesthetics, functionality, and safety. Illuminating buildings and spaces strategically enhances design objectives and creates visually captivating environments. For instance, recent statistics from the Office for National Statistics (ONS) in March 2023 indicated a 0.3% increase in quarterly construction production in the fourth quarter of 2022 compared to the third quarter of the same year. Additionally, following a record growth of 12.8% in 2021, the annual construction production surged by 5.6% in 2022 compared to the previous year, underscoring the construction industry's significant role in driving the architectural lighting market.
Innovative product developments represent a prominent trend propelling growth within the architectural lighting market. Industry-leading companies are dedicating efforts to craft inventive solutions, enhancing their market presence. An example includes SloanLED Co.'s November 2022 announcement of the Symphony Area Light, a dynamic addition to its Symphony Series of architectural lighting fixtures. This product seamlessly integrates into architectural landscapes while delivering superior performance and uniform illumination, enabling greater pole spacing and reduced power density. Unique for its capacity to produce up to 50,000 lumens and 171 lm/W, this IP66-rated fixture boasts autonomous motion and daylight controls, highlighting the trend of product innovation within the architectural lighting market.
Prominent entities within the architectural lighting market are prioritizing the development of state-of-the-art lighting systems integrating cutting-edge technology tailored for designers and homeowners. An exemplar of this innovation is PureEdge Lighting's June 2023 launch of Pure Smart architectural lighting and smart controls, in partnership with Signify, powered by WiZ Pro. This comprehensive wireless solution incorporates TruColor RGBTW, delivering over 16 million colors and 85,000 tunable white tones. The integration encompasses WiZ Pro software, the WiZ app, Pure Smart wireless wall controls, and seamless voice integration with virtual assistants. TruColor technology ensures impeccable color quality and consistency throughout its spectrum. Offering easy setup sans the necessity of a hub and limitless control, Pure Smart empowers users to curate personalized ambiences, fostering design adaptability and wellness benefits through circadian rhythm adjustments.
In February 2023, LMPG Inc., a distinguished Canadian LED lighting solutions group, completed the acquisition of Architectural Lighting Works (ALW) in an undisclosed transaction. This strategic acquisition reinforces LMPG's foothold within the architectural lighting market. ALW, a US-based innovator specializing in interior and exterior architectural LED lighting solutions, brings added expertise and offerings, complementing LMPG's portfolio and positioning them strongly in the market landscape.
Major companies operating in the architectural lighting market report are Acuity Brands Lighting Inc., Siteco Beleuchtungstechnik GmbH, Signify Holdings BV, OSRAM GmbH, Cree Inc., Altera Digital Health, Netsmart Technologies Inc., Athenahealth plc, Allscripts Healthcare LLC, Jag products LLC, Optum Inc., Change Healthcare LLC, Koninklijke Philips N V, Meta Platforms Inc., Elinext Group, AdvancedMD Inc., NXGN Management LLC, Kareo Inc., Bizmatics Inc., Greenway Health LLC, GroupOne Health Source, MedicalMine Inc., Connexin Networks Ltd., Kaaspro Enterprise, Duchang IT, GoodWill International, SAP SE, WRS Health, Louis Poulsen A/S, Targetti Sankey SpA, Reggiani Illuminazione SpA .
Asia-Pacific was the largest region in the architectural lighting market in 2023. North America is expected to be the fastest-growing region in the architectural lighting market report during the forecast period. The regions covered in the architectural lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the architectural lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The architectural lighting market consists of sales of spotlights, floodlights, cove lighting, soffit lighting, and valance lighting. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.