The Latin America, Middle East and Africa Lamps Market would witness market growth of 7.3% CAGR during the forecast period (2023-2030).
Several scientists have suggested the use of LEDs in plant growth through empirical evidence. Since LED lighting uses the capabilities of metals to convert electricity into light and give white light, it is highly demanded since it aids in plant growth and development. The demand for lighting for indoor plants is subsequently rising quickly. Grow light bulbs are a fantastic technique to maximize the growth of plants and offer several advantages for indoor hydroponic gardening. Grow lights are considered an ideal technique to guarantee that the plants receive the light they require to develop.
Rapid technological improvements in the lighting sector have greatly impacted lamps. By incorporating smart capabilities, these lighting solutions are becoming more functional and improving consumer convenience. Modern smart lamps have advanced features like voice activation, remote control, adjustable brightness settings, color-changing capabilities, and even connection with smart home ecosystems.
These features give users seamless control over the lighting in their surroundings, enabling them to create settings that suit their tastes or modify the brightness and color temperature. The user experience is more convenient and flexible by remotely controlling the lamps using voice assistants or smartphone apps. In order to create a coordinated and connected lighting ecosystem, owners of smart lamps can also combine their lights with other smart devices, such as smart speakers or home automation systems.
Three-fourths of projects in the Middle East fit into one of the three high-end chain tops' luxury, higher elite, or upmarket categories. Famous for their pricey, lavish hotels, they are of this region's top luxury tourist destinations. Nine projects, each with more than 1,000 rooms, make up more than half of the building in Saudi Arabia. Additionally, several regional government initiatives try to offer homes for every income level. Lamps demand is rising due to the region-wide expansion of the hospitality industry, which necessitates massive construction projects. Therefore, these operations in the LAMEA region guarantee steady market growth during the ensuing years.
The Brazil market dominated the LAMEA Lamps Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $116.4 million by 2030. The Argentina market is anticipated to grow at a CAGR of 7.9% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 7% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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