Lamps & Lighting - Guyana | Statista Market Forecast

In Guyana, the revenue generated in the Lamps & Lighting market is US$6.83m in 2024.
It is projected to experience an annual growth rate of 8.28% (CAGR 2024-2029).
Comparing globally, United States generates the highest revenue in this segment, with US$32bn in 2024.
Speaking of per capita figures, in 2024, the revenue generated per person is US$8.33.
"Guyana's growing tourism industry is driving the demand for unique, locally-made lamps and lighting fixtures."

Definition:

The Lamps & Lighting segment covers different types of lamps and lights found inside buildings to provide light to carry out activities. This segment includes table and floor lamps, chandeliers, ceiling lights as well as other lamps and light fittings commonly found indoors. Candles, consumer electronics, and household appliances are not included in this segment.

Structure:

The Lamps & Lighting segment is divided into three subsegments:

The Table & Floor Lamps subsegment covers lighting fixtures designed to provide task or ambient lighting to indoor spaces. These lamps typically consist of a base, a stem, and a lampshade and contribute to the overall decor of a room while providing functional lighting.
The Ceiling Lights & Chandeliers subsegment refers to lighting fixtures that are mounted on ceilings to provide ambient lighting. These fixtures range from simple to elaborate lighting fixtures and are available in a variety of styles, sizes, and materials to suit different interior design tastes.
The Light Bulbs and Fittings subsegment includes products such as light bulbs, sockets, and other accessories used to provide and control lighting in indoor spaces.

Additional Information:

The Lamps & Lighting segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Chandeliers, wall, and ceiling lights
Standing lamps
Decoration lighting such as Christmas tree lighting
Light bulbs and fittings

Candles
Consumer electronics
Household appliances

The Lamps & Lighting market in Guyana has been experiencing significant growth in recent years. Customer preferences for energy-efficient and eco-friendly lighting solutions have been driving this trend. Additionally, the market has been influenced by local special circumstances and underlying macroeconomic factors.

Customer preferences: in the Lamps & Lighting market in Guyana have shifted towards energy-efficient and eco-friendly lighting solutions. This can be attributed to the growing awareness of the environmental impact of traditional lighting methods. Consumers are now opting for led lights, which consume less energy and have a longer lifespan compared to traditional incandescent bulbs. led lights also offer a wider range of customization options, allowing customers to create different lighting effects in their homes or businesses. Furthermore, the government of Guyana has been promoting energy efficiency initiatives, which has further encouraged the adoption of energy-efficient lighting solutions among consumers. Trends in the Lamps & Lighting market in Guyana are also influenced by global and regional market trends. The global trend of smart lighting systems has also made its way to Guyana. Consumers are increasingly interested in lighting solutions that can be controlled remotely through smartphones or voice assistants. This trend is driven by the convenience and energy-saving benefits that smart lighting systems offer. As a result, there has been a growing demand for smart lighting products in the market.

Local special circumstances: in Guyana have also contributed to the development of the Lamps & Lighting market. The country's rapid urbanization and infrastructure development have created a demand for lighting solutions in residential, commercial, and industrial sectors. As more buildings and infrastructure projects are being constructed, the need for lighting fixtures and systems has increased. This has led to the growth of the market as suppliers and manufacturers cater to the demand.

Underlying macroeconomic factors: have also played a role in the development of the Lamps & Lighting market in Guyana. The country's stable economic growth and rising disposable incomes have allowed consumers to invest in quality lighting solutions for their homes and businesses. Additionally, the government's focus on improving the country's infrastructure has created opportunities for suppliers and manufacturers in the market. In conclusion, the Lamps & Lighting market in Guyana is developing due to customer preferences for energy-efficient and eco-friendly lighting solutions, global and regional market trends, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, it is expected that more innovative and sustainable lighting solutions will be introduced to meet the evolving needs of consumers in Guyana.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.