Mexico Lighting Market Outlook
According to the report by Expert Market Research (EMR), the Mexico lighting market reached approximately USD 2.7 billion in 2022. Aided by the growing demand for energy-efficient lighting solutions and the expanding applications of advanced lighting technologies in various sectors, the market is projected to further grow at a CAGR of 7.80% between 2023 and 2028, reaching a value of USD 4.19 billion by 2028.
Lighting plays an indispensable role in enhancing the functionality and aesthetic appeal of both indoor and outdoor spaces. It serves a multitude of applications across residential, commercial, and industrial sectors, including illumination for homes, workplaces, public areas, streets, and factories, aiding the Mexico lighting market growth. With advancements in technology, modern lighting solutions, such as LED (light-emitting diode) and OLED (organic light-emitting diode) lighting, have gained prominence for their superior energy efficiency, longer lifespan, and environmental benefits over conventional lighting technologies.
The growing consumer demand for energy-efficient and sustainable lighting solutions is a crucial factor driving the Mexico lighting market size. With increasing awareness of the environmental impact of energy consumption, there has been a marked shift towards energy-efficient lighting products like LEDs and solar-powered lights. Furthermore, the rising costs of electricity and the push for sustainability have accelerated the transition from traditional incandescent and halogen lights to LEDs in the Mexican market.
The expanding applications of advanced lighting technologies across various sectors also significantly contribute to the Mexico lighting market expansion. In the commercial sector, businesses are increasingly using LED and smart lighting solutions to reduce energy costs and improve workplace productivity. The residential sector sees a rising trend of integrating smart home technologies, including automated and sensor-based lighting systems, for enhanced comfort, convenience, and energy conservation.
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Furthermore, the government’s initiatives promoting energy efficiency and the adoption of renewable energy sources have led to a heightened focus on solar lighting in Mexico. With abundant sunlight throughout the year, Mexico presents considerable opportunities for the development and application of solar-powered lighting solutions. This shift towards renewable energy-based lighting alternatives is expected to further stimulate the Mexico lighting market growth.
Mexico Lighting Market Segmentation
The market can be divided based on type, product, application, distribution channel, and region.
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Market Breakup by Type
- LED
- Fluorescent
- Incandescent
- Halogen
Market Breakup by Product
- Bulbs
- Streetlights
- Downlights
- Tube Lights
- Flood Lights
- Emergency Lights
- Others
Market Breakup by Application
- Residential
- Commercial
- Public
- Industrial
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Speciality Stores
- Online
- Others
Market Breakup by Region
- Baja California
- Northern Mexico
- The BajÃo
- Central Mexico
- Pacific Coast
- Yucatan Peninsula
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Mexico lighting companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Signify Holdings BV
- OSRAM GmbH
- Eaton Corporation
- Panasonic Holdings Corporation
- Savant Systems, Inc.
- OPPLE Lighting Co., Ltd
- Acuity Brands Inc.
- Hubbell Incorporated
- Others
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