Lamps & Lighting - Iraq

Iraq

In Iraq, the revenue generated in the Lamps & Lighting market is projected to reach US$219.80m by 2024.
It is expected that the market will experience an annual growth rate of 3.06% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, amounting to US$31,960m in 2024.
In terms of per person revenues, in Iraq generates US$4.72 in 2024.
The demand for energy-efficient lamps in Iraq is on the rise due to the country's efforts to reduce electricity consumption and promote sustainability.

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

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Analyst Opinion

The Lamps & Lighting market in Iraq has been experiencing significant growth in recent years. Customer preferences have shifted towards more energy-efficient and environmentally friendly lighting solutions, driving the demand for LED lamps and lighting fixtures. Additionally, the rapid urbanization and infrastructural development in the country have contributed to the increased demand for lighting products.

Customer preferences: In line with global trends, customers in Iraq are increasingly opting for energy-efficient lighting solutions. This shift in preferences can be attributed to growing awareness about the environmental impact of traditional lighting technologies and the potential cost savings associated with energy-efficient alternatives. LED lamps and lighting fixtures have gained popularity due to their long lifespan, low energy consumption, and reduced maintenance requirements. Customers are also showing a preference for smart lighting solutions that offer convenience and customization options.

Trends in the market: One of the key trends in the Lamps & Lighting market in Iraq is the growing demand for LED lighting products. LED lamps and lighting fixtures are gradually replacing traditional incandescent and fluorescent lights due to their energy efficiency and longer lifespan. The government's initiatives to promote energy conservation and reduce carbon emissions have further accelerated the adoption of LED lighting solutions. The market is also witnessing a rise in demand for decorative lighting products, driven by the increasing focus on interior design and aesthetics.

Local special circumstances: Iraq's rapid urbanization and infrastructural development have created a favorable environment for the growth of the Lamps & Lighting market. The construction of residential, commercial, and industrial buildings has increased the demand for lighting products. Additionally, the government's efforts to improve public infrastructure, such as roads, airports, and public spaces, have further contributed to the market growth. The ongoing reconstruction and rehabilitation projects in war-affected areas have also created opportunities for the lighting industry.

Underlying macroeconomic factors: Several macroeconomic factors have played a role in the development of the Lamps & Lighting market in Iraq. The country's population growth, coupled with rising disposable incomes, has led to an increase in consumer spending on home improvement and interior design. The stable economic conditions and government investments in infrastructure have also boosted the construction sector, driving the demand for lighting products. Furthermore, the favorable government policies and incentives for energy conservation have encouraged the adoption of energy-efficient lighting solutions. In conclusion, the Lamps & Lighting market in Iraq is witnessing significant growth due to the shift in customer preferences towards energy-efficient lighting solutions, the rapid urbanization and infrastructural development in the country, and the favorable macroeconomic factors. LED lighting products have emerged as the preferred choice among customers, driven by their energy efficiency and long lifespan. The market is also experiencing a demand for decorative lighting products, reflecting the increasing focus on interior design. The ongoing construction projects and government initiatives to promote energy conservation further contribute to the market growth.

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.