According to IMARC Group’s latest report, titled “Architectural Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global architectural lighting market reached a strong growth in 2020. Architectural lighting refers to the process of providing electric and daylight lighting in architectural and urban environments. This process offers various benefits, including affordability, reliability, longer lifespan and cost-efficiency. Architectural lighting primarily concentrates on the proper functionality, energy efficiency and aesthetics of an area. It is widely employed across various sectors, which include retail, hospitality, industrial, residential, education, and commercial.
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Rapid advancements in lighting technology and expansion in the urban landscape are among the primary factors driving the global architectural lighting market. Besides this, initiatives undertaken by governments of several nations, such as smart city development projects and renovation of existing infrastructures, are contributing to the market growth further. Moreover, the increasing establishment of residential and commercial buildings in urban areas is propelling the growth of the market. The advent of green technology across the globe has led to a rise in the adoption of environment-friendly and energy-efficient decorative lights, creating a positive outlook for the market. Looking forward, IMARC Group expects the global architectural lighting market to grow at a CAGR of 6.1% during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
Breakup by Light Source:
Breakup by Lighting Type:
Breakup by Application:
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