The market for the luminaires segment is expected to grow at a higher CAGR during the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting, tunnel lighting, and floodlighting; stadiums; and sports complexes. Further, the increasing awareness among contractors/project managers of benefits associated with LED lightings in terms of longer lifespan and substantial energy saving potential is further driving the growth of the luminaires segment.
The increasing awareness among contractors/project managers toward the benefits associated with LED lightings in terms of longer lifespan and substantial energy-saving potential further drive the growth of the luminaires segment. The downlighting luminaire segment is likely to dominate the overall market for luminaires during the forecast period, whereas the decorative lighting segment is expected to witness the highest CAGR between 2022 and 2027.
