Research Support Specialist, USA
The global lamps and lighting market size is expected to reach USD 343.1 billion by 2028, registering a CAGR of 5.8% over the forecast period, according to a new report by Million Insights. The growth can be credited to the rising demand for LED products. The high penetration of LED bulbs and lightning also drives the market. Owing to increasing product demand, manufacturers are changing advertising strategies and product branding to accelerate their sales.
A rise in demand for intelligent street lighting systems and an increasing need for energy-efficient lighting systems are also among the major factors driving the market growth. In addition, increasing brand recognition and the influence of social media are anticipated to further fuel the product demand. Product innovations by key players will also contribute to market growth. Industry participants are investing heavily in R&D for technological advancements, which will also augment the market growth.
Due to the COVID-19 pandemic, product sales were dropped drastically. It is likely to see a reverse effect and decline in lamps & lighting demand. The prestige sales were declined in various other countries due to the pandemic. Moreover, the financial status of electronic sectors was jeopardized by the outbreak of COVID-19 due to the disrupted supply chain.
The report “Lamps And Lighting Market Size, Share & Trends Analysis Report By Product (Lighting Fittings, Lamps), By Distribution Channel (Online, Offline), By Region (North America, Asia Pacific), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global lamp & lighting market on the basis of product, distribution channel, and region: