rising household income is driving the Lamps Market
Technavio analyzes that the Lamps Market is expected to grow at a CAGR of 4.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3290.7 million.There are various factors that contribute to the growth of the market. The lamps market is experiencing significant growth due to the increasing household income levels. With more disposable income, consumers are investing in home decor and lighting solutions, leading to an uptick in demand for lamps. This trend is particularly noticeable in urban areas, where modern living spaces require functional and aesthetically pleasing lighting options. The market is expected to continue growing as consumers prioritize home improvement projects and seek to enhance the ambiance of their living spaces.
The decorative lamp sector, a significant segment within the global lamps market, is recognized for its emphasis on visual appeal and design innovation. In May 2022, the US Department of Energy (DOE) mandated a minimum efficacy threshold of 45 lumens per watt (Lm/W) for all general service lamps, including directional lighting solutions for living rooms, effective July 2023. This regulation, which supersedes previous exemptions for specialty and decorative lamps, necessitates manufacturers to prioritize energy efficiency in their LED lighting product offerings, ensuring that materials used in chandeliers, pendant lights, and wall sconces meet the same stringent standards as other general service lamps.
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Lamps Market Segmentation
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In the realm of lighting, various sectors seek innovative solutions for their unique needs. Hospitality establishments opt for lighting that creates inviting atmospheres, while bathrooms require effective and efficient illumination. Commercial spaces call for expert lighting design, and retailers showcase a range of lighting brands. Homeowners focus on energy-saving residential lighting, while manufacturers deliver modern, smart, and efficient LED lamps. Lighting projects span from task-oriented to visually appealing, outdoor to indoor, and traditional to contemporary. Control systems, automation, and retrofits enhance functionality and savings. Education and healthcare institutions prioritize energy-efficient lighting advantages, while lighting technology advancements pave the way for smart, programmable, and mobile device-controlled solutions. Lighting inspiration abounds, with trends gravitating towards smart lamp integration, lighting upgrades, and visually appealing designs.
The Lamps Market is a significant segment of the larger Global Electrical Components and Equipment Market. This market encompasses businesses specializing in the production of functional lighting solutions, including customizable and energy-efficient options. Our analysis at Technavio estimates the market size based on the consolidated revenue generated by manufacturers of lighting products, such as bulbs, fixtures, and controls, as well as lighting services. Additionally, we factor in the revenue from rental and leasing of electrical lighting components to industrial, commercial, and residential sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/
