According to the MRFR analysis, the Recessed Lighting Industry recorded a market value of USD 59.26 Billion in 2021. It is projected that the market will grow at a CAGR of 13.5% during the forecast period 2021-2028. The market value will further reach up to USD 137.53 billion in the upcoming years.
The strict rules and regulations by the government to reduce the use of inefficient lighting will act as a driving factor for the Recessed Lighting Industry.
This will further encourage the installation of recessed lights. Also, the growing real estate market and the interior friendly designs further promote the market growth. Even the prices of recessed lights are very high. But due to its various positive factors such as being environmentally friendly, durability, and less wattage will be beneficial for the Recessed Lighting Industry. Thus, they will be largely used among the industrial and commercial segments as they emit more light in less power.
In regions like the Europe, United States, Canada, are further pushing the market towards phenomenal growth. Even the supportive policies by the governments such as the incentives for switching to the LED lights will help create awareness about the recessed lightings. Now, several countries across the world are focusing to develop new technology and creating awareness to replace the traditional lightings with the LED lights.
The coronavirus or COVID-19 pandemic hit the world at the beginning of 2021. Since then, several industries were largely disrupted by the adverse effects of the deadly disease. Several key players faced huge losses owing to the pandemic because of the lockdowns. Additionally, China is considered the largest manufacturer and exporter of recessed lighting. Since the pandemic began, a huge gap formed between the production line and supply chain. The growing awareness about the steps to mitigate the disease and the introduction of vaccines will help to reduce the effect of the pandemic and uplift the market.
There are market players in the Recessed Lighting Industry that are promoting overall market growth. These key players use different strategies to enhance their services and improve their brand portfolio. Here is the list of the major key players of the global Recessed Lighting Market-
The Recessed Lighting Industry will have significant growth due to its several driving factors. It is because the LED lights are reliable, efficient, and durable. It can be used for both commercial and industrial purposes for its diverse availability of different sizes and ranges. Apart from that, the growing real-estate industry and the usage of flexible lightings will further drive the market exponentially.
One of the major restraints that will affect the market growth is the high costs of LED lightings. The recessed lights may be very easy to install but it is very costly as compared to the traditional lightings. Also, the moistness leakage and running wiring from one place to another is a huge drawback for the Recessed Lighting Market Growth.
The wide usage of Recessed lights for industrial and commercial purposes will drive huge opportunities for the market. With the growing Recessed Lighting Market Trends and the modernization of infrastructure with the elegant and compact design of lights will rise higher in the forthcoming years. Especially the commercial sector will fuel the market exponentially as it is largely used in shops or showrooms to enhance the interior design as well.
One major challenge is the wiring of the lights from one socket to another can be problematic. Also, it will need more holes that will further cause the installation price to rise. Along with that, there will be difficulty in changing the position of the lights that can also increase the price which will be a huge challenge to mitigate.
The Recessed Lighting Industry is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 13.5%. It is estimated that the market will further touch up to USD 137.53 billion in the forecast period 2021-2028. The recessed lighting is also known as downlight which is placed in the ceiling onside a hollow opening. It is very useful for residential and commercial purposes.
Value Chain Analysis
The Recessed Lighting Market Value will further increase in the upcoming years for its diverse uses and benefits. It is cost-effective and accentuates modern interior designs. So, as the construction industry is flourishing at a rapid speed, the value of recessed lighting will also increase simultaneously. They are largely used in hotels, exhibitions, offices, hotels, and residential areas as well. Thus, the Recessed Lighting Industry will have significant growth in the upcoming forecast years.
The segment of the Recessed Lighting Market Size is divided into application, Frame Types, and Components. On the basis of application, the Recessed Lighting Industry is segmented into Residential, Commercial, and Others.
Based upon Frame Types, the Recessed Lighting Industry is further bifurcated into Plastic, Steel, Aluminium, and Others.
Based on the components, the Recessed Lighting Industry is again classified into Bulb, Housing, and Trim.
Regionally, the Recessed Lighting Market Share is divided into North America, Europe, Asia-Pacific, and the Rest of the World. It is projected that the Asia-Pacific region will dominate the Recessed Lighting Industry in the upcoming period. This region will bloom in the future due to the huge growth in technology and infrastructure. It will be profitable for the investors and the key players to invest among the countries in this region like India, China, etc.
Further, the North American region is also expected to grow at a rapid speed during the forecast period. The major key driver is the dollar policy of the US that will fuel the demand of the Recessed Lighting Industry.
Even the European region will grow at a substantial rate to support the Recessed Lighting Industry in the forthcoming years. With several technological developments such as the integration of artificial intelligence and voice command will further boost the market growth.
No recent developments have been found.
The report overview of the global Recessed Lighting Industry is as follows-
Report Score and Segmentation
The report score is to give information about the potential and strength of the Recessed Lighting Market Outlook in the upcoming period. The crucial information is gathered by a thorough analysis of several primary and secondary sources. It also provides information about the important key players and their contribution to the market.
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Components, by Frame Types, by Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Osram GmbH, Elegant Lighting Inc, Philips Lighting Holding B.V., Halo Commercial, Cree Inc., Globe Electric, Acuity Brands Lighting Inc., General Electric Company, Eterna Lighting Ltd. and Herbert Waldmann GmbH & Co. KG,|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The chief influencer would be the booming real-estate market.
The components involved in the market report are trim, housing and, bulb.
The frame types are aluminum, steel, plastic, and others.
The segments in the discussion are commercial, residential, and others.
The Asia Pacific market would enjoy the upper hand in the market.