Global Decorative Lighting Market Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the decorative lighting market, assessing the market based on its segments like light source, product, end use, distribution channel, and regional markets among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.2%
The industry’s growth is being aided by the increased demand for LED decorative lighting, which is both cost-effective and energy efficient. Because of its endurance and adaptability, it is rapidly replacing incandescent decorative lighting, resulting in increased demand. Furthermore, LED lighting comes in a wide range of colours, forms, and brightness, making it perfect for usage in a wide range of decorative designs, boosting the decorative lighting industry’s growth.
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The growing popularity of interior design in both residential and commercial structures is assisting the expansion of the decorative lighting industry. Lighting is commonly used to enhance the aesthetics of a space since it is one of the most important parts of interior design.
Furthermore, growing remodelling and remodelling activities in both developed and developing nations are resulting in an increase in the usage of decorative lighting, which is boosting market growth. The tendency was accelerated by the COVID-19 epidemic, which shifted householders’ attention to interior design as a result of stay-at-home orders and national lockdowns, resulting in major industry development.
Industry Definition and Major Segments
Decorative lighting is used to enhance the aesthetic of an enclosed environment, such as a house or an outdoor space. It may draw attention to different models, items, and artworks in rooms and hallways while also improving the overall aesthetics of the space. It’s also available in a variety of textures, designs, forms, and colours, among other things, which is why it’s becoming more popular in both residential and commercial settings.
Decorative lighting is made up of fluorescent, incandescent, and LED bulbs that generate brilliant or fading colours. The finished product has a true, bright look. Decorative lights are used as decorations in homes, companies, and other locations.
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The major light sources of decorative lighting are:
• LED
• Fluorescent
• Incandescent
• Others
The market can be broadly categorised on the basis of products into:
• Ceiling
• Wall Mounted
• Others
Based on end use, the market is bifurcated into:
• Commercial
• Household
By distribution channel, the industry is divided into:
• Offline
• Online
The major regional markets of the decorative lighting market are:
• North America
• Asia Pacific
• Latin America
• Europe
• Middle East and Africa regions
Market Trends
The industry’s growth is being aided by the growing trend of bedroom lighting that may have relaxing effects while also being pleasing to the eye. Furthermore, rising environmental awareness is driving demand for decorative lights composed of organic materials, which is fueling market expansion. The market is growing due to increased demand for ceiling-mounted decorative lighting to remodel spaces and improve their attractiveness. The introduction of dynamic lighting that can be controlled by smartphones is also propelling the decorative lighting market forward.
The market’s growth is being aided by the increased demand for smart decorative lighting that automates lighting intensity. Smart lighting uses less power and energy than traditional lighting since it has features like occupancy and daylight sensors, which is fueling the decorative lighting market’s development. Furthermore, because smart lighting can vary lighting moods according to space and mood preferences, demand for decorative lighting is increasing, which is likely to drive industry growth throughout the forecast period.
Key Market Players
The major players in the market are Acuity Brands Lighting Inc., Maxim Lighting International, Inc., Generation Lighting, Savant Systems, Inc., Lowe’s Companies, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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