Impact of Covid-19 Outbreak on Recessed Lighting Market

13/lug/2020 11:28:28 Automotive Market Research Reports Contatta l'autore

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Recess lighting is a light fixture installed in a hollow opening in the ceiling. It is also known as downlight or pot light. With recent rise in demand for aesthetically pleasing homes, the recess lighting market is garnering exponential growth. According to the report published by Market Research Future, the global recess lighting market is estimated to showcase proliferated growth during the forecast time period.

Highly emergent sector of real estate is also one of the driving factors for the global recessed lighting market. In addition, factors such as engineering advantages, availability of a wide variety of recessed lighting, different colors in the lighting, as well as, flexibility in fitting also contribute to the growth in the adoption of recessed lighting. Furthermore, energy efficiency provided by latest fittings of recessed lighting, disciplinary policies by the government for energy conservation, and rapid adoption of clean & minimalistic design are promoting growth in the recessed lighting market.

Rapid population growth, migration from rural areas to urban cities is causing the real estate industry to reduce ceiling heights in latest constructions. This has practically caused the need and demand for recessed lighting to skyrocket. Furthermore, recessed lighting can also be installed in water intensive environments, boosting growth in the global recessed lighting market.

Segment Analysis

Market Research Future has segmented the market on various aspects for better understanding and precise analysis. The global recessed lighting market has been segmented on the basis of components, frame types, application, and region. Based on components, the market has been segmented into trip, housing, and bulb. On the basis of frame type, the market is segmented into aluminum, steel, and others. On the basis of application, the global recessed lighting market has been bifurcated into commercial and residential.

Detailed Regional Analysis

The global recessed lighting market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). The Asia Pacific is predicted to lead the global recessed lighting market in terms of growth. Such growth is attributable to the fast-paced development construction sector, rising demand for aesthetically pleasing designs and a rise in the use of recessed lighting in modern interior design.

Asia Pacific is also expected to showcase rapid economic and infrastructural growth during the forecast period, further propelling market growth for recessed lighting. Countries such as China and India are major driving forces for the recessed lighting market in Asia Pacific due to rapid inflow of foreign investments in the regions.

North America is projected to garner major revenue growth in the recessed lighting market during the assessment period. In addition, the regions of Europe and Rest of the World (RoW) are expected to garner a double digit CAGR during the forecast time period. The global market for recessed lighting is predicted to demonstrate significant growth comprehensively, from 2016 to 2021.

Competitive Analysis

Although the market for recessed lighting is garnering exponential growth during the forecast period, there are some factors that are hindering such growth. Due to the recessed lighting being directional, it casts light on a small area, creating a need for too many fixtures. In addition, some recessed lights cannot be covered with insulation, leaving space for air leakage. With stringent laws for air tight recessed lighting in California, demand for recessed lighting seems to be slightly hampered.

Key Players

The report published by Market Research Future has profiled some of the prominent players in the recessed lighting market. These key players include 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.

Industry Updates

March 2018: Aldabra presented a series of innovative lighting products at the Light+Building 2018 Fair. In recessed lighting, they presented HOLE as the perfect solution for a ‘nude’ look. As it is trim less and recessed in the ceiling, the spot completely disappears, enabling a starry look.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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