From GlobeNewswire: 2024-11-13 09:30:00

The Architectural Lighting Market is on the rise with a projected value of USD 18.65 Billion by 2032, growing at a CAGR of 7.96% from 2024-2032. Energy efficiency and smart technology integration are key drivers, with LEDs dominating the U.S. market at 60% in 2023, saving 100 terawatt-hours annually and preventing 75 billion metric tons of greenhouse gas emissions by 2024.

Leading players in the market include Philips Lighting, Osram, GE Lighting, and Acuity Brands, offering a range of products such as smart bulbs, LED fixtures, and lighting control systems. The market report covers key segments like components, sources, applications, and end uses, highlighting the growth potential and competitive landscape in the architectural lighting industry.

Key drivers of growth in the architectural lighting market include energy efficiency fueled by LED technology and government incentives, as well as smart lighting systems revolutionizing the industry with IoT and automation for enhanced control and efficiency. The ballasts segment led in 2023, with LEDs dominating the market at 28% share and indoor lighting accounting for 76% of the market. Outdoor lighting is set to grow with a CAGR of 8.83%, driven by the trend of creating extended living spaces outdoors. Commercial spaces lead the market with a 57% share, emphasizing the importance of energy-efficient lighting in offices and retail spaces. The residential architectural lighting market is expected to grow at a 9.38% CAGR, driven by homeowner preferences for comfort, energy savings, and smart lighting technologies. Asia Pacific leads the market with over 45% share, fueled by rapid urbanization and expected to grow at an 8.39% CAGR from 2024 to 2032.

Recent developments include Häfele’s Delft Series lighting solutions, WAC Lighting’s KONSTRUKT modular system, and a strong industry recovery showcased at the Light + Building event in Frankfurt.

For more insights on the Architectural Lighting Market, visit SNS Insider, a leading market research and consulting agency providing current, accurate market data and consumer insights for confident decision-making.



Read more at GlobeNewswire: Architectural Lighting Market Size to Worth USD 18.65