Published on : May 20, 2016
The global market for architectural LED products has been experiencing steady growth since the past few years. A number of governments across the world have taken initiative to encourage the usage of LED lighting devices at construction sites, which is leading to the extensive demand for architectural LED products in the global arena.
Commercial Sector Emerges as Leading Consumer of Architectural LED Products
The commercial sector and the residential sector are the key consumers of architectural LED products. The demand for these products is higher in the commercial sector than the residential sector. In 2014, the commercial sector accounted for a share of 76.9% of the total consumption of architectural LED products and in 2015, the share increased to 77.3% of the overall consumption. The segment is expected to maintain the pace of demand for these products in the coming years.
Theaters, multiplexes, hospitals, medical institutions, research lab, supermarkets, hypermarkets, malls, places of worship, and museums are the prime commercial spaces where architectural LED products are used.
Asia Pacific Leads Global Architectural LED Products Market
The worldwide architectural LED products market has been spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, among them, is poised to lead the global market with a share of 47.1% by the end 2015. This regional market is expected to retain its position in the coming years, rising at the fastest growth rate. Europe and North America are also projected to report a healthy rise in this market over the next few years.
Cree Inc., Philips Lumileds Lighting Co. LLC, Epistar Corp., Samsung Electronics, Eaton Corp., Galaxia Electronics Co. Ltd., Osram Licht AG, Verbatim Ltd., GE Lighting LLC, and Toshiba Lighting & Technology Corp. are some of the major organizations operating in the global market for architectural LED products.