The North America Lamps Market would witness market growth of 4.8% CAGR during the forecast period (2023-2030).
Every industry benefit from the use of light. With the growth in population, lighting is being used more frequently in tasks like photography, home design, and other functions. As a result, there has been a considerable increase in demand for floor and desk lamps due to the increased emphasis on interior aesthetics and the need to create aesthetically pleasing areas. In addition to providing practical lighting, these lighting fixtures also improve the general ambiance of residential and commercial environments.
Additionally, nowadays, customers are increasingly looking for lighting options that not only illuminate their interiors adequately but also provide a touch of style and elegance. Various forms, materials, and lighting options make floor and desk lamps very tempting to buyers looking for specialized lighting solutions to match different home design styles.
Customers can select solutions that best suit their needs and preferences owing to the diversity of sizes, styles, and finishes available for floor and desk lamps. Furthermore, the adaptability of lamps in terms of their swivel heads, adjustable heights, and directional lighting greatly boosts their attractiveness. Such features also make them appropriate for various functions and locations, from living rooms and bedrooms to offices and study areas.
The most recent estimate from the LED Adoption Report by the Office of Energy Efficiency & Renewable Energy of the US shows that LED adoption led to yearly energy savings in the United States of around 1.3 quadrillion Btu (quads) in 2018. Canada's construction industry is expanding steadily. Large-scale construction projects are therefore planned around the nation. Consequently, there would be a rise in the number of hotels and restaurants. Construction activity in this region is rising even more due to this. With the nation's expanding construction industry, demand for outdoor fixtures like lighting is rising. Hence, the region presents lucrative growth prospects for the market.
The US market dominated the North America Lamps Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.3 billion by 2030. The Canada market is estimated to witness a CAGR of 7.1% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 6.2% during (2023 - 2030).
Based on Product, the market is segmented into Desk Lamp, and Floor Lamp. Based on Type, the market is segmented into Decorative Lamp, and Reading Lamp. Based on Application, the market is segmented into Commercial/Hospitality, and Residential/Retail. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Lamps Market is Projected to reach USD 6.5 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, Koninklijke Philips N.V., Stanley Electric Co. Ltd., ams-OSRAM AG, General Electric Company, Toshiba Corporation, Siemens AG, Samsung Electronics Co., Ltd. (Samsung Group), OPPLE Lighting Co Ltd., and Maxlite, Inc.
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