Global architectural lighting market is anticipated to grow at a CAGR of 7.7% during the forecast period (2024-2031). A major factor supporting the growth of the market is that governments are implementing policies aimed at promoting energy efficiency and environmental sustainability, which directly impact the lighting industry. Several countries have enacted regulations that phase out incandescent bulbs in favor of energy-efficient lighting technologies, such as LEDs. These regulations not only reduce energy consumption and environmental impact but also drive innovation in the lighting industry as manufacturers strive to meet these new standards. In addition to this, governments often offer incentives to encourage the adoption of energy-efficient lighting solutions, including tax credits, rebates, and grants for using or manufacturing energy-efficient lighting products. These policies make energy-efficient lighting solutions more economically attractive to consumers and businesses, thereby stimulating market demand. Strong government support concerning infrastructure development is one of the major factors driving the architectural lighting market growth.
Browse the full report description of “Architectural Lighting Market Size, Share & Trends Analysis Report by Component (Lamp Holders, Ballasts, Lamps, Lenses/Shades, Trims, Wiring, and Reflectors). by Light Source (Incandescent Lights, Fluorescent Lights, Light-Emitting Diode (LED), and High-Intensity Discharge (HID)). by Application (Wall Wash, Cove Lighting, and Backlighting). and by End-User (Commercial, Residential, and Industrial). Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/architectural-lighting-market
For instance, China's 14th five-year plan (2021-2025) focused on energy conservation. The plan involves the reduction of carbon generation, encouraging green technologies in all areas of manufacturing, and promoting efficient lighting technologies to reduce power consumption. In addition, a ban on the production and sale of high-power-consuming lighting sources in the country is expected to boost the demand for LED lighting during 2021-2025. These favorable government strategies are expected to increase the adoption of LED lights in the domestic market.
Moreover, the increased propensity of consumers to utilize lighting for decorative purposes is thought to have an impact on the growth of the global architectural lighting industry. A well-lit atmosphere also contributes to improving the surroundings' security and safety. It is further anticipated that the introduction of LED lighting systems would strengthen the method of designing lighting fixtures and lights. Because of this, interior designers may provide a variety of lighting options for both home and commercial environments. In the years to come, it is predicted that rising interest in interior design will fuel growth in the market for architectural lighting globally.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Component
o By Light Source
o By Application
o By End-User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- ACUITY BRANDS, INC., Cree Lighting USA LLC., OSRAM GmbH, and Signify Holding, among others.
Key questions addressed by the report.
Global Architectural Lighting Market Report Segment
By Component
By Light Source
By Application
By End-User
Global Architectural Lighting Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/architectural-lighting-market