LONDON — Technavio analysts forecast the global lighting socket market to grow at a CAGR of almost 5% during the period 2018-2022, according to their latest market research report.
The increase in demand for decorative/architectural lighting sockets and fixtures is one of the major trends being witnessed in the global lighting socket market. A substantial increase in the demand for decorative or architectural lighting sockets and fixtures has been witnessed over the past decade, particularly in developed countries such as India, Malaysia, Saudi Arabia, and China. The rapid economic growth and increase in the share of the middle-class population across these developing countries have been increasing the demand for functional lighting inside homes and commercial buildings.
In this report, Technavio analysts highlight the rise in construction and infrastructure development activities as a key factor contributing to the growth of the global lighting socket market:
Global lighting socket market: Rise in construction and infrastructure development activities
The rise in investments in construction and infrastructure development activities is a direct factor driving the demand for lighting products in lighting households, commercial facilities, and public infrastructure and institutions. This will present significant opportunities for the growth of the lighting socket market during the forecast period. Regions such as North America, Middle East, and Asia will witness a considerable increase in construction activities.
According to a senior analyst at Technavio for research on power, “Construction activity on the global level has witnessed significant improvement during 2016-2017, after projecting slow growth and decline during the period 2008-2015. The recovery in the global economy has created optimism among home buyers, leading to the demand for new single and multi-family homes.”
Global lighting socket market: APAC leads the market
This market research report segments the global lighting socket market into the following end-users (residential, commercial, industrial, and outdoor) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major end-users, the residential segment held the largest market share in 2017, contributing to over 62% of the market. The market share occupied by this segment is expected to increase by over 1% by 2022.
APAC was the leading region for the global lighting socket market in 2017. It accounted for a market share of more than 42%. It was followed by EMEA and the Americas. APAC is expected to project the fastest growth during the period 2018-2022.
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