According to IMARC Group latest report titled “Decorative Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on decorative lighting industry report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global decorative lighting market reached a value of US$ 38.25 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 48.4 Billion by 2027 exhibiting a CAGR of 3.70% during 2022-2027.
Decorative lighting enhances the beauty of enclosed spaces, homes, and outdoor spaces. This type of lighting can highlight various models, objects, and paintings in rooms and halls while enhancing the overall aesthetics of rooms. It is made of fluorescent, incandescent, and LED, emitting bright or faded lights of different colors. It is available in various styles, shapes, and colors, among others, due to which it is extensively deployed in residential and commercial spaces.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global market is majorly driven by the growing influence of social media influencers and various home décor web series on consumers. In line with this, the shifting focus of some famous designers toward decorative lighting has streamlined their application in homes, shops, malls, libraries, hotels, spas, parlors, restaurants, and washrooms. Furthermore, manufacturers are innovating decorative lightings that serve both style and functionality. Apart from this, product modification by designers and their adoption by high-end clients is positively influencing the market. Moreover, the rising demand for LED decorative lighting due to its cost-effectiveness and energy efficiency is creating a positive outlook for the market. Besides this, the growing use of smart lighting systems operated through voice control is strengthening the market. Additionally, the trend of interior design in both domestic and commercial buildings is propelling the market growth of decorative lighting.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Acuity Brands Inc.
- Bridgelux Inc
- Crest LED Lighting
- Fagerhults Belysning AB
- General Electric Company
- Honeywell International Inc.
- Hubbell Incorporated
- Ideal Industries Inc.
- Maxim Lighting
- Nichia Corporation
- Osram Licht AG (ams AG)
- Signify Holding
Decorative Lighting Market Segmentation:
Our report has categorized the market based on region, product type, light source, distribution channel and end user.
Breakup by Product Type:
- Chandelier
- Pendant
- Sconce
- Flush Mount
- Ceiling Mount
- Wall Mount
- Others
Breakup by Light Source:
- LED
- Fluorescent
- Incandescent
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Breakup by End User:
- Commercial
- Household
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
We are updating our reports, If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.
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