IMARC Group’s latest report, titled “High-End Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global high-end lighting market size reached US$ 20.2 Billion in 2022. High-end lighting comprises various light fixtures that highlight features and enhance the overall interior design of a space. It is usually equipped with a durable protective layer that creates a visual environment, limits glare and offers healthy and comfortable lighting. It also comes with smartphone application control support that allows users to dim or change the color of lighting fixtures according to their requirements. Since it is energy-efficient, eco-friendly, unique, and can improve architectural allure, high-end lighting is rapidly gaining popularity as a luxurious feature across the globe.
Global High-End Lighting Market Trends:
The rising construction and renovation activities and the escalating demand for modern homes with lavish interior designs represent the primary factors driving the market growth. This can be attributed to rapid urbanization, elevating living standards, and inflating expenditure capacities of individuals. Additionally, governments of various countries are promoting the uptake of light-emitting diodes (LEDs) over fluorescent lights, halogen lamps, and incandescent bulbs as they are modern, high-end lighting solutions that help save energy and minimize environmental pollution. In line with this, heavy investments in the upgradation of the existing infrastructure with ultra-modern lighting solutions are contributing to the market growth. Furthermore, several key players are launching remote-controlled, wireless high-end lighting products integrated with novel technologies, such as artificial intelligence (AI) and the internet of things (IoT). These variants are battery-operated, rechargeable, and connected to a smart device using Wi-Fi or Bluetooth and can easily move inside spaces without any visible cabling. Along with this, the introduction of custom light fixtures comprising contemporary and traditional lighting styles to create exquisite residential fixtures has accelerated the product adoption rate. Other factors, including the emerging trend of smart homes with lavish interior designs, rising usage of IoT-enabled lighting, increasing adoption of LED technology for plant cultivation under controlled environmental conditions, escalating demand for connected lighting solutions, and continual technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 30.3 Billion by 2028, expanding at a CAGR of 7.1% during 2023-2028.
- The market has been divided based on the light source type into LED lamps, HID lamps, fluorescent lights, and others.
- Based on the interior design, the market has been classified into modern, traditional, and transitional.
- On the basis of the application, the market has been bifurcated into wired and wireless.
- The market has been categorized based on the end user into commercial, industrial, and residential.
- Region-wise, the market has been segmented 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 Lighting Inc., CREE Inc., Electronic Theatre Controls Inc., General Electric Company, Helestra Leuchten GmbH, Holtkötter Licht GmbH, Honeywell International Inc., Lutron Electronics Co. Inc., OSRAM Licht AG (ams AG), Signify N.V., and Toshiba Corporation.
|Base Year of the Analysis
||Light Source Type, Interior Design, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Acuity Brands Lighting Inc, CREE Inc., Electronic Theatre Controls Inc., General Electric Company, Helestra Leuchten GmbH, Holtkötter Licht GmbH, Honeywell International Inc., Lutron Electronics Co. Inc., OSRAM Licht AG (ams AG), Signify N.V. and Toshiba Corporation
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