Decorative Lighting Market to Surpass 54.52 Billion by 2030 Drives Due to Evolving Lighting Product Design Concepts Leading to Premiumization
SkyQuest projects that the decorative lighting market will attain a USD 54.52 billion value by 2030, with a CAGR of 3.5% over the forecast period (2023-2030). Diversity in design and cost has led decorative lighting products to witness escalating demand for luxury variants, compelling manufacturers to innovate. Interior designers pioneer novel concepts such as traditional, modern, and transitional styles, particularly in high-end chandeliers. Hugely favored by affluent residential users, these designs predominantly emerge from Italy, UK, Spain, Germany, and the US, enhancing decorative lighting market expansion.
Westford, USA, Aug. 09, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, growing disposable income levels enable consumers to invest in enhancing their living spaces. As affordability increases, the demand for premium and aesthetically pleasing decorative lighting products expands, propelling decorative lighting market growth.
Browse in-depth TOC on the “Decorative Lighting Market”
- Pages – 222
- Tables – 94
- Figures – 76
Integrating smart technologies, such as IoT-enabled lighting and customizable color options, boosts decorative lighting market growth. Consumers seek advanced decorative lighting solutions that offer convenience, energy efficiency, and the ability to create personalized lighting effects.
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Prominent Players in the Decorative Lighting Market
- Acuity Brands,
- General Electric Co.
- OSRAM Light AG
- Signify Holding (formerly Philips Lighting)
- Cree, Inc.
- Hubbell Incorporated
- Zumtobel Group AG
- Lutron Electronics Co., Inc.
- Fagerhult Group
- Eaton Corporation
- Crompton Greaves Consumer Electricals Ltd.
- Zumtobel Group AG
- Wipro Lighting
- Koninklijke Ten Cate nv
- Feilo Sylvania (Shanghai) Lighting Co., Ltd.
- Eglo Leuchten GmbH
- Zumtobel Group AG
- Hinkley Lighting, Inc.
- Bruck Lighting Systems, Inc.
- Kichler Lighting LLC
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Light Source Segment is Expected to Grow the Market Due to Technological Advancements
Light source segment is experiencing rapid growth due to technological advancements. Energy-efficient LED and OLED light sources offer enhanced flexibility in design, longer lifespans, and reduced energy consumption. This fuels demand for innovative decorative lighting solutions, positioning the segment as a significant global decorative lighting market driver.
Asia Pacific emerges as a rapid-growing hub for the global decorative lighting market due to booming urbanization, increasing disposable income, and a growing focus on interior aesthetics propelling market expansion. Rising demand for innovative lighting solutions and urban lifestyle upgrades drive the region’s significant growth in decorative lighting adoption.
Application Segment is Expected to Dominate the Market Due to Diverse Utilization across Various Spaces
Application segment dominates the global decorative lighting market due to its diverse utilization across residential, commercial, and hospitality spaces. Increasing emphasis on ambience creation and interior aesthetics fuels demand. The segment’s versatility in catering to various environments drives its significant role in market growth.
North America asserts dominance in the global decorative lighting market as a prime consumer base for premium designs. High disposable income, architectural trends, and urbanization fuel demand. Also, a strong emphasis on interior aesthetics and the widespread adoption of innovative lighting solutions contribute to the region’s commanding position in the decorative lighting market.
A comprehensive analysis of the major players in the decorative lighting market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Decorative Lighting Market
- In 2022, Signify (formerly Philips Lighting), a global lighting leader, successfully finalized the acquisition of Fluence. This move bolsters Signify’s worldwide agricultural lighting expansion and enhances its presence in the horticultural lighting sector.
- Signify recently repurchased 850,000 shares valued at EUR 35.5 million as part of its buyback initiative that commenced on February 24, 2022, and concludes on February 24, 2023. These shares are earmarked for settling responsibilities linked to Signify’s employee share schemes and performance-based incentive plans.
- In 2022, Acuity Brands Inc. intends to enhance its collaboration with Microsoft to introduce extra functionalities to its lighting controls, building automation offerings, and intelligent lighting solutions.
Key Questions Answered in Decorative Lighting Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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