USD 37.82 Billion
Report ID: SQSG25F2002 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Decorative Lighting Market Size was valued at USD 37.82 Billion in 2021, and it is expected to reach a value of USD 46.19 Billion by 2028, at a CAGR of 2.90% over the forecast period (2022 - 2028).
The increasing recognition of the role of the illuminating medium in establishing the ambiance of the room is expected to increase the utility of various decorative. The room's radiance influences perceived size by creating a visually dynamic space. In addition, proper lighting with the right fixtures aids in inducing a visual appeal to the room. Decorative lighting fixtures are seen as a seamless combination of functionality and style in modern décor. When modern décor is strategically chosen to complement the floor, furniture, and wall color, it creates a warm, inviting, and functional space.
Global Market Size
USD 37.82 Billion
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The Global Decorative Lighting Market is segmented on the basis of Product, Light Source, Application and Region. Based on Product, the market is segmented into Chandeliers, Sconce, Flush Mount, Pendant and Others. Based on Light Source, the market is segmented into LED, Fluorescent, Incandescent and Others. Based on Application, the market is segmented into Commercial and Household. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
In 2021, Sconce led the market with a market share of more than 35%. The growth of the segment is attributed to its ability to provide accent, ambient, as well as decorative lighting. For example, it can be used to illuminate a dark hallway or to draw attention to a specially decorated wall. Depending on the buyer's preferences, models such as mid-century modern, contemporary, transitional, classic, traditional, luxury, crystal, rustic, antique, and vintage are available. These decorative lightings are available in the most basic designs, and their sole purpose is to illuminate the home.
Analysis by Application
In 2021, the commercial application segment held the largest share, exceeding 65%. In pubs, restaurants, hotels, malls, retail shops, libraries, and museums, lighting plays an important role in creating ambiance. Decorative lighting is being used to improve the customer experience in these establishments. Restaurants and pubs are important social gathering places for friends and families, so the decorative lighting should be warm and cheerful. Similarly, shopping malls have evolved from shopping destinations to gathering places for family and friends as well as entertainment venues. Decorative lighting is required to create a welcoming and engaging environment.
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North America had the largest market in 2021, accounting for more than 35% of global revenue. The availability of electricity to every single household in the United States and Canada is critical to the adoption of innovative decorative lighting. According to the American Hotel & Lodging Association, there are over 55,000 hotel properties in the United States. Hotels use decorative lighting to create a rich experience that is expected to calm and soothe its residents. Growing population and rapid urbanization in developing countries such as China, India, and others are expected to make the Asia Pacific the fastest-growing market.
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The decorative lighting market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Acuity Brands, Inc., Bridgelux, Inc., General Electric Co., Ideal Industries, Inc., Juno Lightings. LLC, AZZ, Inc., Fagerhult Group, Inc., Honeywell International, Inc., OSRAM Light AG, Signify NV among others.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, with the advancement of technology and creative goods, the demand for decorative lighting has increased. Increased disposable income, rapid urbanization, trends and fashion changes, home decorating lighting systems and appealing light designs, product safety and ease of use all contribute to the growth of the decorative lighting market. However, widespread use, a lack of sensitivity among rural people, a significant risk of damage, and the use of traditional oil lamps or candles all impede market expansion.
|Market size value in 2021||USD 37.82 Billion|
|Market size value in 2028||USD 46.19 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Decorative Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Decorative Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Decorative Lighting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQSG25F2002