Our in-depth analysis segmented the global ceiling lights Market in the following segments:
Global ceiling lights market is further classified on the basis of region as follows:
Global ceiling lights market is projected to register a CAGR of 11.6% over the forecast period i.e. 2016-2023. Further, the ceiling tile lighting systems is expected to exhibit a exponential growth during the forecast period on account of increasing demand for modular tile lighting systems in corporate and commercial sector. It has been observed that compact design and energy efficient characteristics of tile lighting systems are swelling the demand for such ceiling lights across the globe.
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Regionally, Asia-Pacific is anticipated to witness a remarkable growth in the overall ceiling lights market across the globe over the forecast period i.e. 2016-2023. The market is chiefly driven by the growing demand for ceiling lights from major economies such as India, China, Japan, etc. Rapid expansion of infrastructural sector owing to urbanization is expected to drive the market for ceiling lights in Asia-Pacific region over the next seven years. Besides this, increasing adoption of energy efficient lighting systems among various end-use sectors such as corporate, healthcare, residential, etc. is boosting the growth of ceiling lights market.
Europe and North-America are expected to be the largest markets for ceiling lights by 2023 due to presence of hi-tech and advanced infrastructure in the regions. Rebounding of residential sector in North-America region owing to remodeling of outmoded structures is expected to fuel the demand for ceiling lights in near future. Moreover, Middle-East region is expected to be the fastest growing market during the forecast period i.e. 2016-2023. Rapid development in infrastructural facilities on account of huge investment is further expected to spur the demand for new generation ceiling lights. Apart from this, the higher demand for ceiling lights from the premium hotels and corporate building which are under construction in the Middle-East region is anticipated to expand the ceiling lights market at a considerable rate till 2023.
Rising popularity of new generation ceiling lights across the globe is one of the key factors swelling the demand for ceiling lights. Besides this, increasing investment in real estate sector which is leading to expand the modern and advanced infrastructure facilities are augmenting the demand for modular ceiling lights to attract the consumers. Moreover, introduction of advanced lighting technology such as OLED which is much more compact and energy efficient over conventional bulbs are gaining traction across the globe. The advanced lighting technology also offers longer life span and low power consumption which will further uplift the demand for ceiling lights during the forecast period i.e. 2016-2023.
Likewise, government initiatives towards adoption of energy saving lighting technology are pushing consumers to adopt new generation ceiling lights across the globe. For instance, various subsidy policies for the manufacturers of lighting systems by the government authorities is helping to reduce the cost of LED and OLED lighting systems.
On the other hand, presence of stringent regulations on the manufacturing of CFL and LED lights, high cost of new generation lighting systems and lack of awareness in undeveloped countries are some of the factors which are hampering the growth of ceiling lights market.
The key playersof ceiling lights market as follows:
Scope and Context
Overview of the Parent Market
The Global Ceiling Lights Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh