Impact of Covid-19 Outbreak on Recessed Lighting Market

06/ago/2020 09:39:42 Automotive Market Research Reports Contatta l'autore

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According to Market Research Future (MRFR)’s study report, the global recessed lighting market has been projected to expand at a moderate CAGR over the forecast period 2016 to 2021. The strong value maintained by the construction sector is presumed to boost the growth trajectory of the market over the next couple of years.

The growth of the hospitality industry is primarily responsible for the expansion of the recessed lighting market. The rising number of hotels, resorts, restaurants, etc. are likely to favor the proliferation of the market in the forthcoming years. Additionally, the acceleration of economic activities in the retail sector is also anticipated to reflect positively on the future trajectory of the market. An increasing number of showrooms, departmental stores, malls, etc. has led to an increase in the demand for recessed lighting.

Industry leaders are focusing on the development of products and bringing innovation. Different products are being made available based on color, flexibility, variety, sizes, etc. for capitalizing on the growing consumer base. In addition, the introduction of energy efficient light sources is further projected to propel the expansion of the global recessed lighting market over the next couple of years.

The growing consumer class in developed and developing economies is a major factor expected to augment the recessed lighting market across the review period. The strengthening global economy backed by elevation in the standard of living has unleashed myriad developmental opportunities for the market participants. It is poised to expedite the proliferation of the recessed lighting market in the years to come.

Although the recessed lighting market is expected to exhibit moderate growth in the foreseeable future, the immobility of the lighting remains an impediment to market growth. The problems related to moisture is another important factor expected to restrict the growth of the recessed lighting market. For instance, the lights are prone to damage if fitted in moisturous locations such as restrooms.

Market Segmentation:

The segmental analysis of the market is included in the report based on component, frame type, and application.

By component, the recessed lighting market has been segmented into trim, housing and, bulb.

By frame type, the global recessed lighting market has been segmented into aluminum, steel, plastic, and others.

By application, the recessed lighting market has been segmented into commercial, residential, and others.

Regional Analysis:

By region, the global recessed lighting market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). Asia Pacific is anticipated to dominate the global market in the upcoming years owing to the boom witnessed in the real estate industry. Increasing investments in the tourism industry are poised to boost the growth of the hospitality industry. This, in turn, is presumed to catapult the recessed lighting market on an upward trajectory. The rapid economic and infrastructural growth of the region is supposed to have a favorable impact on the expansion of the market. Fast-developing economies such as India and China signify huge potential for growth and expansion.

North America is an important growth pocket and is projected to thrive rapidly in the foreseeable future. The high purchasing power of the population in the region is anticipated to induce growth in the recessed lighting market. Europe and the Rest of the World are also anticipated to exhibit substantial revenue creation over the assessment period.

Competitive Dashboard:

Some of the global leaders of the recessed lighting market are Elegant Lighting Inc, Osram GmbH, Philips Lighting Holding B.V., Cree Inc., Halo Commercial, Globe Electric, General Electric Company, Acuity Brands Lighting Inc., Eterna Lighting Ltd., and Herbert Waldmann GmbH & Co. KG,

 

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