The latest report by IMARC Group, titled “High-End Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global high-end lighting market is expected to grow at a CAGR of 7.1% during 2023-2028. High-end lighting refers to a variety of light fixtures that are simple to use with good ergonomics. They are equipped with a durable protective layer that creates a visual environment, limits glare and provides healthy and comfortable lighting. They are considered luxuries, owing to their uniqueness and ability to enhance the architectural allure. The smart design of the high-end lighting has smartphone application control support that enables the users to dim or change the color of the lighting fixtures as per their requirements. Nowadays, high-end lighting is gaining popularity as it is energy-efficient, eco-friendly and helps save energy. As a result, high-end lightings are increasingly utilized in modern homes with lavish interior designs.
Global High-End Lighting Market Trends:
The market is primarily driven by the expanding construction industry across the globe. In addition, the development of new residential as well as commercial spaces and the upgradation of the existing infrastructure is significantly contributing to the market growth. Besides this, with the growing demand for smart and connected homes, there has been rising usage of IoT-enabled high-end lighting fixtures. Moreover, the introduction of light-emitting diodes (LED) and the increasing awareness regarding the associated benefits of their use are boosting the adoption of these high-end lightings. Furthermore, technological advancements, such as the integration of sensor-enabled lights and color-changing variants are also fueling the market growth.
- Based on the light source type, the market has been segmented into LED lamps, HID lamps, fluorescent lights, and others.
- On the basis of the interior design, the market has been classified into modern, traditional, and transitional.
- The market has been categorized based on the application into wired and wireless high-end lighting.
- On the basis of the end user, the market has been segregated into the commercial, industrial, and residential segments.
- Region-wise, the market has been divided 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 been examined, 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.
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