Lamps & Lighting - Armenia

Armenia

In Armenia, the revenue generated in the Lamps & Lighting market amounted to US$702.50k in 2024.
It is projected that the market will experience an annual growth rate of -12.18% (CAGR 2024-2029).
When compared to other countries around Worldwide, in the United States generates the highest revenue in this segment, reaching US$31,960m in 2024.
In terms of per capita revenue, each person in Armenia generated US$0.25 in 2024.
Despite its rich cultural heritage and craftsmanship, the Armenian lamps and lighting market is still in its nascent stage, with a growing demand for modern and energy-efficient lighting solutions.

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

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Analyst Opinion

The Lamps & Lighting market in Armenia has been experiencing significant growth in recent years.

Customer preferences: Armenian consumers have shown a strong preference for energy-efficient and eco-friendly lighting solutions. This is largely driven by increasing awareness of the environmental impact of traditional lighting options and a desire to reduce energy consumption. LED lighting has gained popularity in the country due to its energy efficiency, longer lifespan, and lower maintenance costs. Additionally, there is a growing demand for smart lighting systems that can be controlled remotely via smartphones or voice assistants.

Trends in the market: One of the key trends in the Armenian Lamps & Lighting market is the shift towards LED lighting. LED technology offers numerous advantages such as lower energy consumption, longer lifespan, and better lighting quality compared to traditional incandescent or fluorescent bulbs. As a result, LED lamps and fixtures have become increasingly popular among residential, commercial, and industrial customers in Armenia. The market is also witnessing a rise in the adoption of smart lighting systems, which allow users to control their lighting settings and create personalized lighting experiences.

Local special circumstances: Armenia has been investing in energy efficiency measures and promoting the use of LED lighting in order to reduce its energy consumption and carbon footprint. The government has implemented various initiatives and programs to encourage the adoption of energy-efficient lighting solutions. For example, there are subsidies and incentives available for individuals and businesses that switch to LED lighting. This has created a favorable environment for the growth of the Lamps & Lighting market in the country.

Underlying macroeconomic factors: Armenia's economy has been steadily growing, which has led to an increase in disposable income and consumer spending. As a result, there is a greater willingness among consumers to invest in high-quality lighting solutions for their homes, offices, and other spaces. The construction sector has also been booming in Armenia, driving the demand for lighting fixtures in new residential and commercial buildings. Furthermore, the government's focus on energy efficiency and sustainability has created a supportive regulatory environment for the Lamps & Lighting market. In conclusion, the Lamps & Lighting market in Armenia is witnessing significant growth due to customer preferences for energy-efficient and eco-friendly lighting solutions, the shift towards LED technology, and the government's initiatives to promote energy efficiency. The market is expected to continue expanding as consumers and businesses increasingly prioritize energy-saving lighting options and smart lighting systems.

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.