LED (light emitting diodes) lighting solutions are among the most exciting technological innovations of the recent past. The extremely long lasting (an average of 60,000 hours life span) and energy efficient (90% more efficient than incandescent, neon and compact fluorescent lights) LED lights are rapidly becoming the preferred lighting solution for a large number of general lighting applications. LED lights are also known to develop nearly 90% less heat as compared to incandescent light bulbs. Thus, LED lights, by extending the time between lighting replacement, generating less heat, and consuming less power, lower the overall cost of lighting of any installation.
These factors, coupled with the mounting demand for energy- and cost-efficient lighting systems from buildings and communities, is fuelling the demand for LED lights. For architectural projects, high brightness and small form factor of LED lights, along with the endless array of colors in which LED lights are available in the market make LEDs the perfect solution.
Owing to this set of benefits of LED lights, their demand has continued to rise at a significant pace across many industries in the past few years. So much so that LEDs have led to an almost complete phase-out of incandescent light bulbs. A majority of the new architectural projects employ different kinds of LED lights for a variety of applications.
Government Intervention and Phasing-out of Incandescent Lights Increase Adoption of LEDs
A recent market research report published by Persistence Market Research states that the global architectural LED market will expand at an exceptional 17.9% CAGR between 2015 and 2021. The market, which had a valuation of US$3,421.2 mn in 2014, is expected to rise to US$10,751.1 mn by 2021. Volume-wise, the architectural sector consumed nearly 25.5 million LED light products in 2014.
Along with the numerous benefits of LED lights, government interventions legally banning the use of incandescent lights across many regions have also led to an increased demand for LED lights in the architectural sector. Governments in countries like Thailand, China, Brazil, and the U.S. have introduced regulations that are encouraging construction companies to deploy LED lighting systems in their new projects, driving the growth of the global LED products market.
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Competitive Pricing Model and Frequent Innovations in Technologies Make Competition Tough in Global Architectural LED Market
The market for architectural LEDs features a large number of market participants active across numerous product segments. Leading companies are heavily investing in research and development activities to innovate advanced LED lighting solutions that would cater to the specific demands of distinct lighting requirements in the architectural segment. The market is also highly competitive owing to the low-cost and high-life of LEDs. If the past few years, especially, after cost-competitive LED lights started entering the market, the market has witnessed a rapid expansion. The market, thus, features a highly competitive cost model, which could become more intense over the course of time.
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Some of the prominent companies in the global architectural LED market are Cooper Industries PLC (Eaton Corporation), Epistar Corporation, Verbatim Ltd., GE Lighting Solutions, Osram Lict AG, Philips Lumileds Lighting Company, Toshiba Lighting & Technology Corporation, Samsung Electronics Co., Ltd., Galaxia Electronics Co. Ltd., and Cree, Inc.