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According to the latest report by IMARC Group, titled “Architectural Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global architectural lighting market size reached US$ 7.25 Billion in 2020. Architectural lighting is an amalgamation of art and technology used to enhance the aesthetics and improve the functionality and energy efficiency of a space. It provides numerous benefits, such as reliability, affordability, adjustable illumination, and a longer lifespan. It also offers safety from bright and direct lights, enhances the emotional impact of a space, illuminates spaces for night-time navigation and assists in performing tasks like writing and reading. As a result, it is gaining traction across the globe on account of maximum lighting impact and minimum energy consumption.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Architectural Lighting Market Trends:
At present, there is an increase in the adoption of LED-based architectural lighting solutions as they minimize maintenance expenditure and the overall impact on the environment. Apart from this, the leading players are introducing smart lighting solutions integrated with sensors to provide efficient and on-demand lighting. These lighting solutions provide high performance and the option to change the light intensity, which is positively influencing their sales worldwide. Furthermore, increasing investments in the construction of smart city infrastructures, such as roadways, buildings, and bridges, in confluence with the escalating demand for aesthetic lights is propelling the growth of the market. Looking forward, the market value is projected to reach US$ 10.34 Billion by 2026, expanding at a CAGR of 6.10% during the forecast period (2021-2026).
Market Summary:
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