An LED light bulb or lamp is an electric light that uses one or more light-emitting diodes and is typically used in light fixtures. When compared to identical incandescent lamps, LED lamps are more energy efficient, have a longer lifespan, and use a fraction of the energy. In comparison to incandescent bulbs, LED lights emit about 90% less heat. Architectural LED product prices have dropped dramatically in recent years, resulting in increased use for a variety of applications. Both technology and art are employed in architectural lighting to achieve visually pleasing and energy-efficient lighting. Architectural lighting is provided for both commercial and residential purposes.
The growing trend toward a more opulent lifestyle has fuelled demand for LED lighting goods all around the world. This demand has been seen in both the business and residential sectors. Furthermore, as part of smart city projects, government offices and monuments are increasingly adopting architectural LED luminaries and lamps. As a result, over the projected period, these factors are expected to promote the expansion of the worldwide architectural LED products market. For instance, in 2013, the Royal Castle in Warsaw, Poland, installed Philips’ LED solution eW Graze linear lighting solution on the façade of the royal castle. The motive behind installation of architectural LED lights is to display the color of the facade as realistically as possible. Furthermore, in 2014, the Turkish government awarded a contract to Philips to install architectural LED products across 21 sites in Ankara city.
Growing construction business across the globe has presented an excellent opportunity for architectural LED products provider to partner with construction companies and home builders. Installation of energy- and cost-effective lighting systems in the commercial sector presents huge market opportunity for providers of architectural LED products. According to analysis, the global construction market is projected to grow at an annual average of 4.1% during the forecast period (2015–2021). Furthermore, key companies in the market have significant opportunity to sign agreement construction companies, in order to gain competitive advantage in the market.
Key companies operating in the global architectural LED products market are Epistar Corporation, GE Lighting LLC, Galaxia, Cree Inc., Cooper Industries PLC, Signify N.V., Philips Lumiled Lighting Company LLC, Verbatim Ltd., Osram Licht AG, Toshiba Lighting & Technology Corporation, and Samsung Electronics.
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