According to Research Nester, ceiling lights are commonly utilized for offering general illumination and are highly popular and feasible in major populated areas and in rooms with lower ceilings. Over the past few years, advanced lighting systems established importance in numerous sectors such as healthcare, corporate, and residential, etc. owing to its enhanced design and technology. Global ceiling lights market is projected to register a CAGR of 11.6% over the forecast period 2016-2023.
Rapid pace in urbanization across the globe and increasing infrastructural facilities backed by rising investment are the major factors which are creating significant demand for ceiling lights all across the globe.
Expansion of corporate sectors and increasing demand for modular and compact ceiling lights in these sectors augmented the growth of ceiling lights globally. Moreover, key players of ceiling lights are focusing towards producing energy efficient and brighter ceiling lights for the various end-use.
A growing trend towards advanced lighting technology such as LED, CFL, etc. and rising concern towards energy savings lighting systems in various sectors are some of the key elements driving the growth of ceiling lights market.
On the other hand, remodeling of residential and commercial sectors across the globe is augmenting demand. Europe and North-America are expected to be the largest markets for ceiling lights by 2023 due to presence of hi-tech and advanced infrastructure in the regions.
The Middle-East region is expected to be the fastest growing market during the forecast period. Rapid development in infrastructural facilities on account of huge investment is further expected to spur the demand for new generation ceiling lights.
Apart from this, the higher demand for ceiling lights from the premium hotels and corporate building which are under construction in the Middle-East region is anticipated to expand the ceiling lights market at a considerable rate till 2023.
The key players of ceiling lights market are Philips; Osram; Havells; Wipro; SYSKA; and Moser Baer. According to Transparency Research, demand for floor tiles to remain high. Wall tiles, floor tiles, and others such as ceiling and roofing tiles are the main products available in this market. Among these, floor tiles enjoy the highest demand.
Flooring holds importance in a number of applications ranging from commercial and residential constructions such as hospitals and educational institutes to transport infrastructures such as railway stations and airports. On account of this, the demand for floor tiles is projected to remain highest in the near future.
The worldwide ceramic tiles market is spread across Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Currently, the highest consumption of ceramic tiles is being reported in Asia Pacific. In 2015, the region accounted for a share of 65.6% of the overall demand for these tiles in the world.
The rapid urbanization has given significant rise to construction activities in emerging Asian economies such as South Korea, China, and India, drawing an immense demand for these tiles in this region over the last few years. According to a report by Ventures Onsite, the GCC market for interior contracting and fit outs in 2015 was estimated at USD7.1 billion. Growth in this market is set to climb by 25.6% to USD8.9 billion by 2016, from the projects likely to be completed over 2016.
Tourism and big events like the World Cup 2022, World Athletics Championships 2019, and Dubai Expo 2020, are underway across the GCC region. This will create an impact in major construction, renovation and refurbishment projects. The interior design and fit-out industry is flourishing in the GCC as demand for new hotels, retail spaces, commercial real estate, schools and hospitals continue to grow, cementing the region as one of the fastest growing and most exciting in the world.
The GCC interior contracting and fit outs sector encompassing internal wood works, soft and hard furnishings, lightings, partitions, flooring, kitchens, bathroom fittings constitutes approximately 10 to 20 percent of the average construction project value. High-end interior projects in Qatar, UAE, and Kuwait can easily exceed USD25 million. Kuwait is by far the biggest interiors market and is estimated that spending on interior finishing items will grow by 13.7 percent by 2017.