Lamps & Lighting - Panama | Statista Market Forecast

In Panama, the revenue in the Lamps & Lighting market is projected to reach US$73.12m in 2024.
It is anticipated that the market will experience an annual growth rate of 0.43% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, amounting to US$32bn in 2024.
On a per capita basis, in Panama generates US$16.15 in revenue in 2024.
In Panama, the demand for energy-efficient lamps and lighting fixtures is on the rise due to the country's commitment to sustainability.

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 Panama is experiencing significant growth due to changing customer preferences and trends in the market.

Customer preferences: in the Lamps & Lighting market in Panama are shifting towards more energy-efficient and environmentally-friendly products. Consumers are becoming more conscious of their energy consumption and are opting for led lamps and lighting fixtures that offer energy savings and longer lifespan. Additionally, there is a growing demand for smart lighting solutions that can be controlled remotely through smartphone apps or voice commands. This trend is driven by the increasing adoption of smart home technology and the convenience it offers to consumers.

Trends in the market: show a strong focus on design and aesthetics. Consumers in Panama are increasingly looking for lamps and lighting fixtures that not only provide functional lighting but also enhance the overall interior design of their homes or offices. As a result, there is a growing demand for modern and stylish lighting solutions that can serve as decorative elements in addition to providing illumination. This trend is also influenced by the rising disposable income and the desire for a more luxurious lifestyle among consumers. Local special circumstances in Panama also contribute to the growth of the Lamps & Lighting market. The country's tropical climate and abundant natural light create a need for lighting solutions that can effectively complement the natural light during the day and provide sufficient illumination during the night. This has led to an increased demand for adjustable lighting fixtures that can be easily adjusted to create the desired lighting ambiance at different times of the day. Underlying macroeconomic factors, such as urbanization and construction activities, also play a significant role in the development of the Lamps & Lighting market in Panama. The country is experiencing rapid urbanization, with a growing number of residential and commercial buildings being constructed. This creates a demand for lighting fixtures to illuminate these new structures, further driving the growth of the market. Additionally, the government's focus on infrastructure development and investment in public lighting projects also contribute to the market growth. In conclusion, the Lamps & Lighting market in Panama is witnessing significant growth due to changing customer preferences towards energy-efficient and aesthetically pleasing lighting solutions. The market is also influenced by

Local special circumstances: such as the tropical climate and the need for adjustable lighting fixtures.

Underlying macroeconomic factors: such as urbanization and construction activities, further contribute to the market's development.

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.