Newark, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 32.5 billion decorative lighting market will reach USD 45.8 billion by 2032. Many end-use industries are experiencing increased demand for aesthetically pleasing and energy-efficient lighting systems, one of the main factors propelling the market's revenue growth. Additionally, the growing popularity of smart homes and the need for innovative lighting solutions connected to smart home technologies are driving the market's revenue growth. Growing awareness of the function lighting plays in creating the mood of space is anticipated to encourage the use of various decorative lighting fixtures. A room's brightness can change how big people perceive it to be by making it visually lively. In addition, the optimum lighting combined with the suitable fixtures gives the space a pleasing appearance. Decorative lighting fixtures are seen as a perfect fusion of elegance and practicality in modern décor. When carefully chosen, modern décor blends seamlessly with the wall colour, floor, and furniture to create a cosy, welcoming, and useful room.
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Key Insights on Decorative Lighting Market
North America to account for the largest market size during the forecast period.
North America is expected to have the essential decorative lighting market share. The surge in demand for smart home devices and the growing adoption of energy-efficient lighting solutions are the reasons for this growth. Furthermore, significant competitors in the regional decorative lighting market, such as Philips Lighting and General Electric, are anticipated to fuel market expansion. Additionally, the market in this area is anticipated to rise due to the rising demand for decorative lighting fixtures for both commercial and domestic applications, including houses, restaurants, and hotels.
The sconce segment dominated the market with the most significant revenue of USD 9.1 billion.
The sconce segment dominated the market with the most significant revenue of USD 9.1 billion. The segment's ability to provide accent, ambient, and decorative lighting is responsible for its expansion. It can be used, for instance, to draw attention to a wall that has been embellished or to brighten a dimly lit area. Various models are available, including luxury, mid-century modern, contemporary, transitional, classic, traditional, rustic, antique, and vintage, depending on the buyer's preferred style.
The LED light source segment dominated the market with the most significant revenue of USD 12.6 billion.
The LED light source segment dominated the market with the most significant revenue of USD 12.6 billion. Government resource conservation regulations worldwide are credited with driving the expansion of the LED market. Since buyers began using art lamps, chandeliers, and fixtures, these products have replaced conventional light sources. LED filaments also entered the market to fill in the gaps so that LED light sources could be used instead of conventional techniques.
The commercial segment dominated the market with the most significant revenue of USD 19.5 billion.
The commercial segment dominated the market with the most significant revenue of USD 19.5 billion. The way lighting is used greatly impacts the atmosphere created in bars, restaurants, hotels, malls, libraries, and museums. Ornamental lighting has become more common in these places to enhance the customer experience. Restaurants and bars are important venues for social gatherings with friends and family; thus, warm, cheery lighting is required.
Market Dynamics:
Drivers: Increasing demand to enhance aesthetics
The increasing popularity of interior design in both residential and commercial buildings is contributing to the growth of the decorative lighting market. Since lighting is one of the most crucial aspects of interior design, it is frequently employed to enhance the appearance of a space. Furthermore, the expanding remodelling and remodelling activities occurring in both developed and developing countries are increasing the use of decorative lighting, driving the market's growth.
Restraint: Technological limitations
The decorative lighting market has grown due to technological breakthroughs, but these developments also bring complexity and difficulties. Interoperability problems arise if integrating smart lighting systems necessitates compatibility with different platforms and devices. Furthermore, the risk of product obsolescence rises with the advancement of lighting systems' technological capabilities. When investing in smart lighting, customers want to know that their systems will work with newer models and software releases. Manufacturers must constantly modify and enhance their technology if they want to solve these issues and guarantee a flawless user experience. Furthermore, even though LED lighting has improved energy efficiency, problems with colour quality and the disposal of LED products—which include dangerous materials—remain.
Opportunity: Energy-efficient lighting system
Governments everywhere enact stringent laws and policies to promote energy efficiency and reduce carbon emissions. Light Light-emitting diode (LED)-based decorative lighting systems are gaining popularity due to their higher energy efficiency, environmental friendliness, and longer lifespan than conventional lighting systems. The growing trend of smart homes and the requirement for lighting solutions that can be adjusted and controlled via smartphones and other smart devices also drive the need for creative and technologically advanced decorative lighting systems.
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Some of the major players operating in the decorative lighting market are:
● Generation Lighting
● GE Lighting
● Lowe's
● Amerlux
● Columbia
● ETC
● Acuity Brands Lighting Inc.
● Maxim Lighting
● Juno Lighting LLC
● Osram
● Littmann
● AZZ Inc.
Key Segments cover in the market:
By Product:
● Chandeliers
● Pendants
● Sconce
● Flush Mount
● Others
By Light source:
● LED
● Fluorescent
● Incandescent
● Others
By Application :
● Commercial
● Household
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About the report:
The global decorative lighting market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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