LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global architectural lighting market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Sunil Kumar Singh, a lead analyst from Technavio, specializing in research on lighting sector says, “The global architectural lighting market is likely to grow during the forecast period due to numerous factors such as increasing population and growing urban landscape, which will increase the need for residential and commercial spaces. The increase in demand for aesthetic lights for home decoration and office spaces will also support the growth of the general lighting industry.”
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The top three emerging market trends driving the global architectural lighting market according to Technavio research analysts are:
- Growing advances in lighting technology
- Increasing shift toward sapphire wafers with large diameter
- Declining manufacturing cost of LEDs
Growing advances in lighting technology
The market is witnessing rapid advances in the lighting technologies. For instance, in the architectural market, LED lighting technology dominated the market in terms of revenue contribution in 2016. LED lighting will emerge as the major revenue contributor in the architectural sector by 2021. With the technological transitions in the market, consumers are inclined toward product enhancements that are aimed at better efficiency and power-saving capabilities for decoration in the architectural lighting market.
“In addition, with the increasing awareness of the green technology, manufacturers are focusing on energy-efficient and environment-friendly lights. This has been one of the major developments in the lighting industry. China has already set a roadmap for phasing out the use of incandescent lamps and increase the use of LEDs as incandescent lamps use a lot of energy as compared to LEDs,” says Sunil.
Increasing shift toward sapphire wafers with large diameter
The market is witnessing an increasing shift toward wafers with large diameters for LED manufacturing. Vendors are shifting their focus from 2-inch wafers to 8-inch wafers, and now moving toward 12-inch wafers for LED chip fabrication. Sapphire has emerged as a versatile material useful to a range of industries such as LEDs, optical, and RFICs. Nowadays, most LEDs are produced on a sapphire substrate. With sapphire, the lattice mismatch has reduced, thus making it possible to achieve superior quality LED chips with good light output and reliability.
Declining manufacturing cost of LEDs
The manufacturing cost of lights have declined since 2012 and will continue to decline during the forecast period. This decline is attributed to the reducing ASP of chips and components used in the manufacture of lights. The mass production of LED lighting products is another reason for the decline in the production cost. The penetration and demand for LED lighting have increased due to the reducing ASP. This provides vendors with the opportunity to reduce the variable cost associated with manufacturing by operating their manufacturing facilities at full capacity.
With the phase-out of the incandescent lamps, governments in many countries are promoting the use and adoption of LEDs. This, in turn, will enable vendors to reduce the ASP of LEDs during the forecast period.
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