Lamps & Lighting - Guinea

Guinea

In Guinea, the revenue generated in the Lamps & Lighting market in 2024 amounts to US$11.07m.
It is projected that the market will experience an annual growth rate of -1.20% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with a total of US$31,960m in 2024.
Considering the population figures, in 2024, per person revenues in Guinea amount to US$0.76.
Despite its limited access to electricity, Guinea has seen a growing demand for solar-powered lamps and lighting solutions as a sustainable and affordable alternative.

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

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Analyst Opinion

The Lamps & Lighting market in Guinea is experiencing steady growth, driven by customer preferences for energy-efficient and sustainable lighting solutions. With increasing awareness about the environmental impact of traditional lighting technologies, consumers in Guinea are shifting towards LED lighting options. This trend is in line with the global market, where LED lighting has gained significant popularity due to its energy efficiency and long lifespan.

Customer preferences: In Guinea, customers are increasingly opting for LED lamps and lighting fixtures due to their energy-saving capabilities. LED lighting consumes less energy compared to traditional incandescent bulbs, resulting in lower electricity bills and reduced carbon emissions. Additionally, LED lights have a longer lifespan, reducing the need for frequent replacements. This durability and cost-effectiveness make LED lighting an attractive choice for both residential and commercial customers in Guinea.

Trends in the market: One of the key trends in the Lamps & Lighting market in Guinea is the growing demand for smart lighting solutions. Smart lighting allows users to control and customize their lighting settings through mobile applications or voice commands. This technology offers convenience, energy efficiency, and the ability to create different lighting moods. As smart home systems gain popularity worldwide, the demand for smart lighting is expected to increase in Guinea as well. Another trend in the market is the integration of lighting with smart home automation systems. This allows users to synchronize their lighting with other smart devices, such as thermostats and security systems, creating a seamless and personalized experience. With the advancement of Internet of Things (IoT) technology, the integration of lighting with other smart devices is becoming more accessible and affordable.

Local special circumstances: Guinea, like many other African countries, faces challenges in terms of access to reliable electricity. This has led to a significant market for off-grid lighting solutions, such as solar-powered lamps. Solar-powered lighting is a sustainable and cost-effective alternative for areas with limited access to electricity. The government of Guinea, along with international organizations, has been promoting the use of solar-powered lighting solutions to improve energy access in rural areas.

Underlying macroeconomic factors: The economic development in Guinea has contributed to the growth of the Lamps & Lighting market. As the country's economy continues to expand, there is an increasing demand for residential and commercial infrastructure, which includes lighting installations. Additionally, the government's focus on improving energy efficiency and sustainability has created a favorable environment for the adoption of LED lighting solutions. In conclusion, the Lamps & Lighting market in Guinea is witnessing growth driven by customer preferences for energy-efficient and sustainable lighting solutions. LED lighting, smart lighting, and solar-powered lighting are the key trends in the market. The local special circumstances, such as limited access to reliable electricity, have also influenced the demand for off-grid lighting solutions. The underlying macroeconomic factors, including economic development and government initiatives, have further supported the growth of the market in Guinea.

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.