Led by renewed focus on home improvement by households and rapid growth in commercial and residential real estate post COVID-19 lockdown across countries, the market size for global lighting products is valued at US$90.41 Bn in 2022 and will witness CAGR of over 7.56% through 2030. However, for the same period, Brazil’s Lighting products market will report substantial growth due to the thrust by the country’s government for energy efficient lighting products. The market is projected to register a double digit CAGR during the forecast period through 2030 on account of the rise in demand for smart lighting, architectural lighting fixtures and sustainable lighting. The market is experiencing an escalation due to urbanization, high incomes, growing trends in interior decorating, and changes in urban lifestyle.
The country’s lighting industry is fast adapting to LEDs from traditional products. This transformation is being fuelled by an increase in government energy conservation measures, increased consumer awareness of energy-efficient products and new products provided by businesses that are keeping up with the general trend of technology and digitalization. Therefore, the market for LED lighting products in Brazil is also predicted to increase as a result of the desire for sustainable and energy-efficient lighting. Formerly, the country used to import LEDs. However, in the recent years, the companies operating in the market have established many manufacturing facilities to increase the supply and use of LEDs in the business, industrial, residential and governmental sectors.
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Increased Awareness for LEDs has Contributed to Market Growth
Growing awareness about the advantages of LED lights, such as their high lumen power, low power consumption, longer lifespan, and lack of flickering, coupled with the incorporation of technologies like Wi-Fi, occupancy sensors, and daylighting, among others, is drawing a sizable consumer base in Brazil towards adopting this product.
Government Initiatives and Incentive Schemes
A practical street lighting structuring guide was released in March 2022 by the GIF in association with the World Bank Group and the Federal Government of Brazil in order to support public administrators and their teams in the structuring of street lighting projects. This will help 4.5 million people, reduce energy costs by at least 50%, and provide numerous direct and indirect socioeconomic advantages, including better lighting quality, decrease in crime, improved community perceptions of security—which has a significant gender component—encouraging the use of public spaces, and stimulating the growth in economic activity.
Impact of COVID-19 on Brazil Lighting Market
The global pandemic had adversely impacted Brazil which was among the most affected large economies. Given that lighting is a necessary requirement, many companies which operate in this industry have suffered negatively due to global scarcity in the supply of electrical components. Besides, residential constructions had been delayed as result of improper component supply due to lockdown imposition and rigorous government regulations related to social distancing norms. After the lockdown was lifted, the market witnessed significant bounce back in the demand of lighting products. The revenues of many companies which deal in lighting showed a significant growth due to rising demand across consumer, commercial, industrial and governmental sectors.
Impact of Russia-Ukraine War on Brazil Lighting Market
The Russia-Ukraine war has had a significant impact on the lighting industry. Due to war and related sanctions; both nations were forced to reduce their trade with the entire world which led to disruption in supply chains. Shipping delays and electrical component availability shortages, particularly for LED products and other semiconductors, have adversely impacted the market. Furthermore, these disruptions highlighted the supply chain vulnerabilities for the companies operating in the lighting market.
Brazil Lighting Market: Report Scope
“Brazil Lighting Market Assessment, Opportunities and Forecast, 2016-2030F”, is a comprehensive report by Market and Data, providing in-depth analysis and assessment of the current state of affairs of the lighting market in Brazil, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecasts (2023-2030). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.