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Architectural lighting Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Architectural lighting Market
According to The Business Research Company's, 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 urbanization and infrastructure development, design and aesthetic trends, regulatory changes, cultural and social influences, advancements in control systems, 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 emergence of new applications, integration of human-centric lighting, demand for customization and personalization, urban development projects, smart city initiatives.. Major trends in the forecast period include human-centric lighting design, adoption of smart and connected lighting, focus on sustainability, shift towards dynamic and interactive lighting, artistic and design-driven innovation..
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Market Drivers and Trends:
Increasing demand for energy-efficient lighting solutions is expected to propel the growth of architectural lighting going forward. Energy-efficient lighting is a luminaire that reduces power expenditures and carbon dioxide emissions while maintaining light quality in use. Energy-efficient lighting solutions utilize less energy to create the same amount of light as traditional lighting solutions while having a longer lifespan. Additionally, the growing use of LED lighting solutions has increased the demand for energy-efficient lighting solutions. For instance, in September 2022, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, LED lighting accounted for 48% of global lighting sales in 2021 and is expected to climb to 99% of total sales by 2030. Furthermore, LED lighting efficiency was 111 lumens per watt in 2021 and is expected to rise to 142 lumens per watt by 2030. Therefore, the increasing demand for energy-efficient lighting solutions will drive the architectural lighting market.
Product innovations are a key trend in gaining popularity in the architectural lighting market. Major companies operating in the architectural lighting market are focused on developing innovative solutions to strengthen their position in the market. For instance, in November 2022, SloanLED Co., a US-based lighting product manufacturer and developer, announced the release of Symphony Area Light, a dynamic addition to the Symphony Series of architectural lighting fixtures. The product integrates perfectly with the architectural landscape while providing superior performance and uniformity enabling larger pole spacing and lower power density. This device is unique for its ability to deliver up to 50,000 lumens and 171 lm/W, as well as an IP66-rated fixture with autonomous motion and daylight controls.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Architectural lighting Market 2024 Key Insights:
• The architectural lighting market will grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Surge In Architectural Lighting Anticipated As Demand Grows For Energy-Efficient Solutions
• Innovative Symphony Area Light For Elevating Architectural Lighting Standards
• Asia-Pacific was the largest region in the architectural lighting market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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