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 market 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, 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.
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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.
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.
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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:
- Flush Mount
- Ceiling Mount
- Wall Mount
Breakup by Light Source:
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
Breakup by End User:
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
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