The Electric Lighting Equipment Market in the UK stands at 202.07 million in 2023. Over the past decade, the market has exhibited a largely declining trend with fluctuations. From 2013 to 2023, the market saw a significant drop from 499.6 million to 202.07 million, with some recovery years like 2018 and 2021. Specifically, in the last two years, the market value decreased by 9.44% in 2022 and 8.09% in 2023. The 5-year compound annual growth rate (CAGR) until 2023 was -7.77%, indicating a consistent decline.
Future forecasts suggest continued contraction with a forecasted CAGR of -9.76% over the next five years, predicting a market size of 109.46 million by 2028. This marks an expected decline of -40.15% from current levels.
Looking forward, key trends to watch include the integration of smart lighting technologies, regulatory shifts towards energy-efficient lighting, and potential market shifts driven by sustainability initiatives and innovations in lighting design and materials.
