Global Architectural Lighting Market to reach USD 12.53 million by 2027.Global Architectural Lighting Market is valued approximately at USD 8.28 million in 2020 and is anticipated to grow with a healthy growth rate of more than 6.1% over the forecast period 2021-2027.
The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
Architectural lighting is a combination of technology and art that enhances aesthetics, functionality and energy efficiency of any space or building. Growing residential construction, rising deployment of customized lighting solution and surging need for energy-efficient lighting devices are fueling the growth in market.
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For instance, in March 2021, Zumtobel Group developed a customised lighting solution for the Fondation Beyeler, a museum in Basel, Switzerland. Also, in United States, 16,81,000 privately???owned housing units authorized by building permits in May 2021 which is a 34% growth as compared to 12,46000 permits given in May 2020. Furthermore, technological advancements and new product launches by the market players are expected to boost the demand in coming years. Such as, in October 2020, Panasonic launched Wi-fi LED bulb as an addition to its smart home ecosystem. This 9-watt Smart Wi-Fi LED Bulb has multi-colour lighting option and has automated scheduling functions. However, stringent safety and energy saving standards and high cost of installation are anticipated to limit the growth during forecast period.
Among Asia Pacific, North America, Europe, Latin America, and Rest of the World, Asia Pacific is the significant region across the world in terms of market share infrastructure development in commercial buildings, high-end residential complexes and public spaces in developing countries such as India. Whereas Europe is also anticipated to exhibit the highest CAGR over the forecast period 2021-2027, due to growing adoption of energy-efficient lighting system and advanced control systems in the region. Major market player included in this report are:
Acuity Brands Lighting, Inc. Osram Licht AG Philips Lighting Holding B.V. Samsung Electronics Seoul Semiconductor Co., Ltd Signify Holding TCP International Holdings Ltd. Toshiba Lighting & Technology Corporation Verbatim Ltd. Galaxia
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type: Light-Emitting Diode (LED) High-Intensity Discharge (HID) Others By Application: Indoor Outdoor By End-use: Residential Commercial
By Region: North America U.S. Canada Europe UK Germany France Spain Italy ROE
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Asia Pacific China India Japan Australia South Korea RoAPAC Latin America Brazil Mexico Rest of the World
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