The Latin America, Middle East and Africa Interior Lighting Market would witness market growth of 8.0% CAGR during the forecast period (2023-2030).
A home's decoration has always been seen as a reflection of its owner. It aids in forming a perception of the proprietor's preferences, character, and general wellbeing. To achieve the aforementioned qualities, decorative lighting is essential. The shift in emphasis by some well-known designers to decorative lighting has made it easier for their use in restaurants, bathrooms, spas, hotels, parlors, and retail establishments.
Hotels are important in promoting the use of decorative lighting items like chandeliers. The market is expected to benefit from corporations and other organizations choosing hotels to host yearly events. To accommodate business travelers, hotels are continually upgrading their facilities and services. Chandelier lighting gives the rooms a touch of elegance and a contemporary feel, enhancing their aesthetic appeal. Supernova, enormous bubble lighting, large spherical chandeliers, and oversized crystal chandeliers are a few variations that have become quite popular in hotel interior design and decorating. Luxury home development is predicted to increase due to urbanization and shifting consumer lifestyles, which will drive market growth.
One of the most well-liked travel destinations for years has been Dubai. People visit these places because of the enormous, well-known buildings such as the Burj Khalifa or Burj Al Arab in the region. Additionally, there are numerous hotels, upscale spas, and upscale restaurants in the region. In 2016, the tourism and travel industry directly contributed $ 18.7 billion, or around 5.2% of the UAE's GDP. The industry is projected to grow at a rate of 5.1% year from 2017 to 2027, accounting for 5.4% of the net GDP in that year. Alongside the tourism sector, the hotel sector is predicted to expand.
When it comes to Saudi Arabia's goal of economic diversification by 2030, the tourism sector is the most significant industry. Saudi Arabia already has an edge over other nations in the market for religious tourists due to the quantity of sacred sites. Saudi Arabia's diversified topography also offers a variety of scenery. Even though it is one of the most visited nations, it is also renowned for its rich culture, interesting history, venerated religion, and numerous UNESCO World Heritage Sites. The need for fixtures like ornamental lighting will rise as a result of the tourism sector's rapid expansion and the quantity of five-star hotels and resorts.
The Brazil market dominated the LAMEA Interior Lighting Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,157 million by 2030. The Argentina market is exhibiting a CAGR of 8.6% during (2023 - 2030). Additionally, The UAE market would grow at a CAGR of 7.7% during (2023 - 2030).
Based on Lighting Effect, the market is segmented into Downlighting, Perimeter Lighting, Wall Grazing & Wall Lighting, Uplighting, and Spotlighting & Others. Based on Product, the market is segmented into Ceiling Lights, Chandeliers, Pendant Lights, Recessed & Surface-Mounted Lights, Wall Lights, Decorative Lamps, Clamp Lights, Track Lights, Spots & Spotlights, and Others. Based on Type, the market is segmented into Ambient Lighting, Accent Lighting, Task Lighting, General Lighting, and Mood Lighting. Based on End Use, the market is segmented into Commercial, Residential, and Industrial. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Interior Lighting Market is Projected to reach USD 115.1 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 Lena Lighting S.A., Karice Lighting, Jaquar Group, WLS Lighting Systems, Inc, Wipro Lighting (Wipro Enterprises Private Limited), Trilux Gmbh, EST Lights, ERCO GmbH, Russell Lighting, and Kichler Lighting LLC (Masco Corporation).
By Lighting Effect
By Product
By Type
By End Use
By Country
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