Recessed Lighting Market Scope
Recessed light also known as can lights or downlight, is a type of light that is installed into a hollow opening made in the ceiling previously. These lights are applicable in kitchens, bathrooms, hallways, basements, and also in commercial spaces. They are used for both accent and general lighting since they compact in size and work wonderfully in small spaces. Recessed lights are gaining attraction in the market, as it offers advantages of being a hidden light source and energy efficient. Once these lights are installed, their places are fixed unlike normal lights that may pull down the market growth. Rising awareness about energy-efficient lighting solutions among customers and stringent favourable government regulations relating to energy efficient lights and increasing count of infrastructural projects drive the growth of recessed lights market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
Key Companies Profiled | Osram GmbH (Germany), Elegant Lighting Inc (United States), Philips Lighting Holding B.V. (United Kingdom), Halo Commercial (London), Cree Inc. (United States), Globe Electric (Canada), Acuity Brands Lighting Inc. (United States), General Electric Company (United States), Eterna Lighting Ltd. (United Kingdom), Herbert Waldmann GmbH & Co. KG (Germany), Eaton Corporation PLC (Ireland), Hubbell Incorporation (United States), KLS Martin Group (Germany) and Cooper Lighting, LLC (United States) |
CAGR | 20.3% |
"According to AMA, the Global Recessed Lighting market is expected to see growth rate of 20.3% and may see market size of USD98.36 Billion by 2030."Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. As well as investing money in R&D sector to make technical up-gradations in the product. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Recessed Lighting market throughout the predicted period.
Osram GmbH (Germany), Elegant Lighting Inc (United States), Philips Lighting Holding B.V. (United Kingdom), Halo Commercial (London), Cree Inc. (United States), Globe Electric (Canada), Acuity Brands Lighting Inc. (United States), General Electric Company (United States), Eterna Lighting Ltd. (United Kingdom), Herbert Waldmann GmbH & Co. KG (Germany), Eaton Corporation PLC (Ireland), Hubbell Incorporation (United States), KLS Martin Group (Germany) and Cooper Lighting, LLC (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Zumtobel Lighting GmbH (Austria), LSI Industries (United States) and Juno Lighting Group (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Recessed Lighting market by Type , by Application (Residential, Commercial, Industrial, Institutions/Schools and Others) and Region with country level break-up.
On the basis of geography, the market of Recessed Lighting has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Influencing Trend:
Growing fad for modern home infrastructures and Spinning and rotational recessed lights are available
Market Growth Drivers:
Continuous growth in real-estate market and inclination towards usage of energy efficient light source
Restraints:
Difficult to install again as permanently fixed and can catch moisture problem soon
Opportunities:
Increasing hospitality industry and Emergence of colors, variety and flexibility of installing
Key Target Audience
Manufacturer, Raw material supplier, Distributors/ traders/ dealers, Channel partners, Industry Association, Governments and investment communities and Research organizations and associations