Lamps & Lighting - Singapore

Singapore

In Singapore, the revenue generated in the Lamps & Lighting market is recorded at €140.10m in 2024.
It is projected that this market will experience an annual growth rate of 2.54% (CAGR 2024-2029).
When compared globally, in the United States stands as the leading revenue generator, with an estimated €29,640m in 2024.
In terms of per person revenues, in Singapore records 0.00 in 2024, reflecting the amount generated per individual in relation to the total population.
Singapore's demand for energy-efficient and smart lighting solutions is driving innovation in the lamps and lighting market.

Key regions: Brazil, China, Denmark, United Kingdom, Worldwide

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Comparaison de régions

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Analyst Opinion

The Lamps & Lighting market in Singapore has been experiencing steady growth in recent years, driven by several factors.

Customer preferences: Customers in Singapore have shown a growing preference for energy-efficient and sustainable lighting solutions. This can be attributed to the increasing awareness of environmental issues and the government's efforts to promote energy conservation. LED lighting, in particular, has gained popularity due to its long lifespan, low energy consumption, and cost-effectiveness. Additionally, customers are also looking for lighting solutions that offer smart features, such as remote control and automation, to enhance convenience and efficiency.

Trends in the market: One of the key trends in the Lamps & Lighting market in Singapore is the rise of smart lighting systems. With the advent of Internet of Things (IoT) technology, lighting systems can now be connected to the internet and controlled remotely through smartphones or voice assistants. This trend is driven by the increasing demand for home automation and the desire for personalized lighting experiences. Smart lighting systems not only offer convenience but also enable energy savings through features like motion sensors and automated scheduling. Another trend in the market is the growing popularity of decorative lighting. Singaporeans have a penchant for stylish and aesthetically pleasing lighting fixtures that complement their interior design. This trend is evident in the increasing demand for decorative pendant lights, chandeliers, and statement lamps. Customers are willing to invest in unique and visually appealing lighting solutions to create a warm and inviting ambiance in their homes or commercial spaces.

Local special circumstances: Singapore's small land area and limited natural resources have prompted the government to focus on sustainable development. In line with this, the government has implemented various initiatives and policies to promote energy efficiency and conservation. For example, the Energy Efficiency National Partnership program encourages businesses and individuals to adopt energy-efficient technologies, including lighting. This emphasis on sustainability has created a conducive environment for the growth of the Lamps & Lighting market in Singapore, particularly for energy-efficient and eco-friendly lighting solutions.

Underlying macroeconomic factors: Singapore's strong economy and high standard of living have contributed to the growth of the Lamps & Lighting market. The country's robust construction industry, fueled by infrastructure projects and urban development, has created a demand for lighting fixtures in residential, commercial, and industrial buildings. Additionally, the rising disposable income and changing lifestyles of Singaporeans have led to an increased expenditure on home decor and improvement, including lighting. In conclusion, the Lamps & Lighting market in Singapore is witnessing growth due to customer preferences for energy-efficient and sustainable lighting solutions, the rise of smart lighting systems, the demand for decorative lighting, the government's emphasis on sustainability, and the country's strong economy. These factors have created opportunities for both local and international players in the market, driving innovation and competition.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.