The surging degree of tourist arrivals in the country is anticipated to boost the demand for new hotels, thereby positively impacting the demand for Brazil LED lighting market in the forecast period. Moreover, the burgeoning growth of the hospitality sector in Brazil is one of the major drivers for the growth of LED lighting market due to increasing number of hotels and hotel rooms which would require LED lighting systems to be actively installed. Furthermore, growing demand for energy-efficient, sustainable lighting along with surging government initiatives to increase energy efficiency in the lighting industry by banning of incandescent bulbs and declining prices of LED products are some of the factors positively impacting the growth of LED lighting market in the forthcoming timeline.
According to MarkNtel Advisors’ research report titled “Brazil LED Lighting Market Analysis, 2020”, the LED lighting market is projected to grow at a CAGR of around 12% during 2020-25. LED lighting is becoming gradually popular in the Brazilian market due to rising awareness of the people toward energy savings in lighting. The growth of the market is attributed to increasing number of projects for the installation of LED lights in the country so as to upsurge energy efficiency and surging demand for LED products as various supermarkets, shopping malls and shopping malls are replacing conventional lighting with LED products. Thus, this is strongly contributing to the growth of Brazil LED lighting market. In 2017, the city of Salvador introduced its plan to achieve 100% public LED lighting transition by 2022.
“Brazil LED Lighting Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for LED Lighting providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
As per MarkNtel Advisors’ study, the commercial sector captured the highest market share in the Brazil LED lighting market in 2019. The growth of the segment is attributed to introduction of new projects in the commercial sector. In addition, the increased greenfield investments in the country are one of the major drivers for the LED lighting market. The main countries which invested in 2018 were the Netherlands, the US, Germany, Spain, and others. Therefore, the increased number of investments in the country is projected to strengthen the LED lighting market in Brazil.