Global Decorative Lighting Market Research Report: Information By Distribution Channel (Offline and Online), By Product (Ceiling, Wall mounted, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest of The World), Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast Till 2032
According to a new report by IMIR Market Research on Global Decorative Lighting Market Size was valued at USD 38.8 Billion in 2022. The Decorative Lighting market industry is projected to grow from USD 40.1 Billion in 2023 to USD 52.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.65% during the forecast period (2023 - 2032).
An increasing awareness of the role that lighting plays in establishing the ambiance of a space, product modification by designers, and high-end consumers embracing these modifications, are the key market drivers enhancing the market growth.
Decorative Lighting Market Trends
Strong-net-worth Chandeliers and other beautiful lighting fixtures are typically in high demand from residential consumers, which supports industry growth. The market has grown as a result of high-end buyers and designers customizing products. The market is thriving as a result of the rising demand for decorative LED lighting due to its low cost and excellent energy efficiency. It is quickly replacing incandescent decorative lighting on the market because to its strength and adaptability. Additionally, LED lights are ideal for use in a number of decorative designs since they come in a wide range of colors, forms, and brightness levels, which supports the expansion of the decorative lighting market.
One of the key trends in the decorative lighting industry that is advancing the market is the use of smart lighting systems. LED lamps, chandeliers, string lights, tape lights, and other ornamental lighting fixtures all use smart lighting systems. A smart lighting system is connected using wireless technologies. Bluetooth and Wi-Fi technologies are used to wirelessly connect these smart lights. Smart lighting systems can be managed via voice control agents like Apple's Siri, Amazon's Alexa, Google Assistant, and Microsoft's Cortana. As a result, it is predicted that the use of smart lighting systems would expand throughout the course of the projection period.
The development of decorative lighting is a result of rising disposable incomes and technological improvements. Manufacturers are also investing in quick and efficient ways to produce energy-efficient decorative lighting, improve service quality, upsell products and services, and offer the best after-sales support in an effort to increase customer satisfaction and experience. Additionally, leading manufacturers of decorative lighting are launching new flush mount and sconce lightings with outstanding features for design flexibility and light visibility, helping them establish themselves as the industry's go-to strategic partners. Ceiling lighting in workstations will increase productivity and minimize environmental effects by reducing heat and ultraviolet emissions and offering extended life, which is expected to increase demand for ornamental lighting. Thus, driving the Decorative Lighting market revenue.
Scope of Decorative Lighting Market Report
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Decorative Lighting Market. On the basis of historic growth analysis and current scenario of Decorative Lighting market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Decorative Lighting market. This further helps users with their developmental strategy.
Decorative Lighting Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Decorative Lighting market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Decorative Lighting sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Decorative Lighting sector. Major players in the Decorative Lighting market, including AB Fagerhult, Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Crenshaw Lighting, Feit Electric Co. Inc., GE CURRENT A DAINTREE COMPANY, Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Lowes Co. Inc, Maxim Lighting International, and OSRAM GmbH, are attempting to increase market demand by investing in research and development operations.
Signify NV (Signify), formerly Philips Lighting NV, manufactures and sells lighting products. Fluorescent, high-intensity discharge (HID), halogen, light-emitting diodes (LED), incandescent, specialist lighting, electronic ballasts, and compact fluorescent are among the lighting alternatives it offers. The company also provides services for managing and remotely monitoring light sources, as well as integrated and customized lighting solutions. Signify sells its goods under the names Philips, Interact, Philips Hue, Luceplan, WiZ, Color Kinetics, and Modular. It promotes products to the outdoor environments, office, retail, hotel, commercial real estate, and industry sectors. In addition to the Americas, Asia-Pacific, Europe, the Middle East, and Africa, the corporation also operates there. In Eindhoven, Netherlands, Signify has its corporate headquarters. In May 2022, Fluence was officially acquired by Signify (Philips), the leading lighting company in the world. The agreement strengthens the global agriculture lighting growth platform and increases Signify's presence in the horticulture lighting industry.
The business Acuity Brands Inc. (Acuity Brands) provides solutions and services for building technologies and lighting. The company's product line includes luminaires, lighting controllers, lighting components, power supplies, prismatic skylights, drivers, integrated lighting systems, building management systems, and location-aware software. Additionally, it offers high-intensity discharge, metal halide, and incandescent light sources, as well as fluorescent and LED lighting supplies. It also offers standalone and embedded lighting control solutions. Some of the names that Acuity names utilizes to market its products include Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, and Juno. It offers solutions for uses in institutional, residential, commercial, and industrial contexts as well as in the built environment. The areas where the company operates are North America, Europe, and Asia-Pacific. Acuity Brands is based in Atlanta, Georgia, in the United States. In order to increase the functionality of its smart lighting, building automation systems, and lighting controls, Acuity Brands Inc. reinforced its partnership with Microsoft in January 2022.
Key Companies in the Decorative Lighting market include
Decorative Lighting Industry Developments
March 2022: 850,000 shares were bought back by the corporation for 35.5 million euros. The stock buyback was done as part of the company's repurchase program, which began on February 24th, 2022, and runs through February 24th, 2023. The shares will be used to satisfy liabilities resulting from Signify's incentive performance share programs and employee share plans.
April 2021: In larger buildings, Fagerhult Group and Sony enhanced overviews and off-flow control. The collaboration will make use of both Sony's Nimway and Fagerhult's Organic Response wireless lighting management system.
Decorative Lighting Market Segmentation Analysis
Decorative Lighting Market Segment Insights
The global Decorative Lighting market segmentation, based on Distribution Channel, includes offline and online. The offline segment held the largest share in 2022. increasing the range of products that are available. Further elements that are projected to promote the usage of offline shopping platforms include the capability of comparing various models and items as well as the expanding desire for more detailed product information. As demand for maximum discounts on deals rises, customers are being urged to make offline transactions.
The global Decorative Lighting market segmentation, based on Product, includes ceiling, wall mounted, and others. The ceiling Product dominated the market and had the most share in 2022. The market is growing as a result of the rise in demand for decorative ceiling-mounted lighting that may change rooms and make them more attractive. A significant contributor to the growth of the decorative lighting market is the development of dynamic lighting that can be controlled by smartphones.
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. In 2022, the North American decorative lighting market dominated the world market and held the biggest market share. Every residence in the United States, Canada, and Mexico has access to electricity, which is a crucial component in the adoption of cutting-edge methods for decorative lighting. Furthermore, in 2018 there were 116,108 malls in the United States alone. To make their facilities feel cozy and inviting, the majority of malls invest a lot of money in accent lighting. According to the American Hotel & Lodging Association, there are more than 54,200 hotel properties in the country. Hotels make use of decorative lighting to create a rich ambience that is meant to calm and comfort guests. Further, In the North American area, the U.S. Decorative Lighting market had the biggest market share, while the Canada Decorative Lighting market had the quickest rate of expansion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
During the projected period, the European Decorative Lighting market is anticipated to expand at a respectable clip. The market's quick growth is attributed to the presence of major players like Signify N.V., Osram Licht AG, and others, as well as the growing need for energy-efficient lighting. With more private companies investing in product R&D to enable new features, the market for decorative lighting is also predicted to grow. Further, In the European region, the German Decorative Lighting market had the biggest market share, and the U.K. Decorative Lighting market had the quickest rate of growth.
The decorative lighting market in Asia Pacific is anticipated to develop at the quickest rate during the forecast period. The growing population and rapid urbanization in developing countries like Bangladesh, Sri Lanka, Bangladesh, China, India, the Philippines, Indonesia, and the Maldives create a substantial customer base for decorative lighting. The bulk of these South Asian countries have made a name for themselves as acceptable vacation spots, which has led to an increase in the number of elegantly constructed hotels and restaurants. As a result, decorative lighting will find more applications as a result. Further, In the Asia-Pacific region, the Indian Decorative Lighting market had the quickest rate of growth while China's Decorative Lighting market had the greatest market share.
Decorative Lighting Market Report is also available for below Regions and Country Please Ask for that
Points Covered in the Report
Key Questions
Research Scope of Decorative Lighting Market
Decorative Lighting Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
Frequently Asked Questions
• The global Decorative Lighting market size was valued at USD 38.8 Billion in 2022.
• The global market is projected to grow at a CAGR of 3.65% during the forecast period, 2023-2032.
• North America had the largest share in the global market
• The key players in the market are AB Fagerhult, Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Crenshaw Lighting, Feit Electric Co. Inc., GE CURRENT A DAINTREE COMPANY, Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Lowes Co. Inc, Maxim Lighting International, and OSRAM GmbH.
• The Offline Distribution Channel dominated the market in 2022.
• The Ceiling Product had the largest share in the global market.
Want to Review Complete Market Research Report
Customize this Report
Related Reports
liquid crystal on silicon Market Growth Forecast, Global Industry Outlook to 2032
December, 2024