Global Recessed Lighting Market Driven by the Thriving Hospitality Industry Worldwide

According to Market Research Future (MRFR)’s analysis report, the global recessed lighting market is projected to grow at a moderate CAGR and record a significant market valuation over the forecast period 2016 to 2021. The substantial value retained by the construction sector is expected to drive the growth trajectory of the market over the review period.

Drivers and Restraints

The massive growth of the hospitality industry is mainly responsible for the development of the global recessed lighting market. The increasing number of hotels, restaurants, resorts, among others, are expected to favor the proliferation of the market in the coming years. Moreover, the acceleration of economic projects in the retail sector is also likely to reflect positively on the potential trajectory of the market over the review period. A growing number of departmental stores, showrooms, malls, and others. has led to a rise in the demand for recessed lighting.

Industry players are focusing on the expansion of products and bringing innovation. diverse range of products are being made available based on flexibility, color, variety, sizes, and others, for capitalizing on the rising consumer base. In addition to this, the introduction of energy-efficient light sources is also projected to fuel the development of the global recessed lighting market over the assessment period.

The increasing consumer class in developed and developing economies is a significant factor estimated to expand the recessed lighting market over the review period. The escalated global marketplace backed by elevation in the standard of living of consumers has led to the massive developmental opportunities for the market players. It is poised to advance the proliferation of the recessed lighting market over the forecast period.

Although the recessed lighting market is anticipated to exhibit moderate growth in the foreseeable future, the observable stagnancy of the lighting remains a hindrance to market growth. The issues related to moisture is another vital factor predicted to restrict the growth of the recessed lighting market over the review period.

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Segmental Analysis

The segmental analysis of the recessed lighting market has been conducted on the basis of frame type, component, and application.

Based on the component, the recessed lighting market has been segmented into housing, trim, and, bulb.

Based on the frame type, the recessed lighting market has been segmented into steel, plastic, aluminum, and others.

On the basis of application, the recessed lighting market has been segmented into residential, commercial, and others.

Regional Analysis

Based on the region, the global market for recessed lighting systems has been segmented into the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). 

The Asia Pacific is likely to dominate the global market in the review period, owing to the growth witnessed in the real estate industry, driven by the rapid industrialization in the region. growing investments in the tourism industry are slated to drive the growth of the hospitality industry. This, in turn, is expected to propel the recessed lighting market on a forward trajectory. The rapid economic and infrastructural growth in the region is likely to have a lucrative impact on the growth of the market. Fast-developing nations such as India, Japan, and China contribute to the massive potential for growth and development of the market over the review period.

North America is one of the major regions in the market and is projected to flourish rapidly in the near future. The relatively higher purchasing power of the population in the region is projected to encourage growth in the recessed lighting market over the forecast period. Europe and the Rest of the World are also likely to witness substantial revenue generation over the assessment period.

Key Market Players

The major market players identified by MRFR in the Global Recessed Lighting Market  include Elegant Lighting Inc, Halo Commercial, Cree Inc., Osram GmbH, Philips Lighting Holding B.V., Globe Electric, Acuity Brands Lighting Inc., Eterna Lighting Ltd., General Electric Company,   and Herbert Waldmann GmbH & Co. KG,

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