The new report by Expert Market Research titled, ‘North America Downlight Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the north america downlight market, assessing the market based on its segments like major application, and country.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 4.7 Billion
- Forecast CAGR (2023-2028): 9.10%
- Forecast Market Size (2028): USD 7.9 Billion
The market within the us is being driven by the expansion of the economic sector within the country due to the technological advancements in various industries like IT and telecom, automotive, and aerospace and defence, among others. additionally to the present , the increasing inclination of consumers to realize greater cost savings is anticipated to propel the market growth within the country within the forecast period. Moreover, the rapid development of economic structures within the country like shopping malls, restaurants, hotels, and bars is probably going to spice up the demand for downlights.
The rising utilisation of downlights in commercial structures is probably going to be a serious factor driving the segment growth. Commercial outlets including restaurants, hotels, pubs, libraries, theatres, malls, and shops , among others are widely adopting these lighting solutions due to their benefits including reduced maintenance costs, long lasting nature, and enhanced brightness. additionally to the present , the growing adoption of LED downlights due to their energy-efficient properties and improved electrical safety is anticipated to spice up the merchandise demand within the forecast period. Furthermore, the rising investments in commercial construction projects are likely to supply impetus to the market within the forecast period.
Industry Definition and Major Segments
Downlights are defined because the sort of lights which are installed within the surrounding ceilings of varied rooms during a house like small room, bedroom, master-bedroom, front room , and classroom , among others. Downlights are usually powered by an LED and are versatile and excellent for multitude of uses throughout the living area.
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On the Basis of application, the market can be divided into:
- Residential
- Commercial
- Retail
- Hospitality
- Offices
- Others
- Industrial
On the Basis of country, the market can be divided into:
- United States
- Canada
Market Trends
Downlights can bolster the comfort of the occupants, withstand external shocks and vibrations, boost the aesthetic appeal of the inside of the structure, and are suitable for outdoor lighting systems. These advantages of downlights are likely to drive the market within the forecast period. Moreover, downlights consume around 85% less energy compared to traditional halogen or traditional bulbs and help save to 30% energy compared to CFL lights.
Hence, the increasing awareness concerning the energy conservation characteristic of the merchandise is probably going to assist the market within the forecast period. Furthermore, the increased inclination towards home décor thanks to the emerging work-from-home culture due to the COVID-19 pandemic is predicted to reinforce the demand for downlights in residential structures within the forecast period.
Key Market Players
The major players in the market are Signify Holding, Cree Lighting, Acuity Brands Lighting, Inc., OSRAM GmbH, Liteline Corporation, GE Current, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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