The latest report by IMARC Group, titled “Decorative Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global decorative lighting market size reached US$ 38.25 Billion in 2021. Decorative lighting, also known as accent lighting, refers to a layer of interior illumination used to increase the aesthetic appeal of the space and highlight its best architectural features. It is manufactured using incandescent, fluorescent, and light-emitting diodes (LED) that emit bright or faded lights in different colors. It can easily be hardwired, plugged into an electrical socket, and run-on battery or solar energy. In recent years, decorative lighting has rapidly gained traction across the residential and commercial sectors as it helps enhance the overall look and feel of the space. Nowadays, manufacturers are offering decorative lighting in numerous shapes, unique designs, creative patterns, and customization options.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Decorative Lighting Market Trends:
The shifting consumer inclination toward modern décor due to improving living standards, elevating incomes, and rapid urbanization represents the primary factor driving the market growth. Besides this, the emerging interior design trends focused on enhancing the space efficiency, aesthetic appeal, and lighting effect is another major growth-inducing factor. Additionally, the growing usage of decorative lighting in restaurants, clubs, shopping malls, hotels, and entertainment centers to enhance the customer experience and create an inviting ambiance has catalyzed the product demand. Furthermore, several key players are making heavy investments to introduce innovative product variants, such as ceiling fans with light kits and sensor-based decorative lighting, to expand their product portfolio and gain a competitive edge. Along with this, the launch of advanced decorative lighting fixtures that can be controlled using mobile devices and remote sensors has propelled the market growth. Other factors, including the growing popularity of LED sourced decorative lighting, increasing social media influence, technological advancements, and favorable government initiatives for infrastructure development, are also creating a positive market outlook. Looking forward, the market is anticipated to reach a value of US$ 48.4 Billion by 2027, expanding at a CAGR of around 3.70% during the forecast period (2022-2027).
- Based on the product type, the market has been divided into chandelier, pendant, sconce, flush mount, ceiling mount, wall mount, and others.
- On the basis of the light source, the market has been classified into LED, fluorescent, incandescent, and others.
- The market has been segmented based on the distribution channel into hypermarkets and supermarkets, specialty stores, online stores, and others.
- Based on the end user, the market has been bifurcated into commercial and household.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, 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 International, Inc., Nichia Corporation, Osram Licht AG (ams AG), and Signify Holding B.V. (Signify N.V.).
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal