USD 38.65 billion
Global Decorative Lighting Market Size, Share, Growth Analysis, By Product(Ch, eliers), By Light Source(LED, Fluorescent), By Application(Commercial, Household) - Industry Forecast 2024-2031
Report ID:
SQSG25F2002 |
Region:
Global |
Published Date: February, 2024
Pages:
222
|
Tables:
94 |
Figures:
76
Global Decorative Lighting Market Insights
Decorative Lighting Market size was valued at USD 38.65 billion in 2019 and is poised to grow from USD 40 billion in 2023 to USD 54.52 billion by 2031, growing at a CAGR of 3.5% in the forecast period (2024-2031).
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.
US Decorative Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Commercial
Fastest Growth
Commercial
Growth Rate
3.5% CAGR
Global Decorative Lighting Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Decorative Lighting Market Size By Application, 2021-2028 ($ Bn)
Global Decorative Lighting Market Size By Application, 2021-2028 (%)
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Global Decorative Lighting Market Segmental Analysis
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.
Decorative Lighting Market 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.
Decorative Lighting Market 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.
Global Decorative Lighting Market By Application, 2021(%), 2023 (%)
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Global Decorative Lighting Market Regional Insights
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.
Global Decorative Lighting Market By Geography, 2021-2028, 2024-2031
- Largest
- Fastest
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Global Decorative Lighting Market Dynamics
Decorative Lighting Market Driver
- The growing influence of social media influencers and various home décor web series on consumers is increasing demand for various types of decorative lighting fixtures. Fixtures of various shapes, sizes, colors, and materials are required. Fiber fixtures are the most common, but glass, ceramic, bamboo, carved wood, and fabric fixtures are also popular.
- The decor of living space has always been thought to be a reflection of the owner. It helps in creating a statement about the taste, personality, and well-being of the proprietor. Decorative lighting is critical in achieving the aforementioned characteristics. Some popular designers' shift in focus to decorative lighting has simplified their application in homes, shops, malls, libraries, hotels, spas, parlors, restaurants, and washrooms.
Decorative Lighting Market Restraint
- Due to intense competition, companies are supplying consumers with inferior quality products. Companies are using defective raw materials for processing final products in order to keep up with competitors and lower market prices. The low quality discourages users from purchasing decorative lights and instead opting for traditional lamps or candles.
- The construction and real estate sectors are critical to the growth of the decorative lighting market. Both of these industries have experienced slow growth in recent years. The pandemic has further had an adverse effect on their growth. Slow growth in the real estate industry is expected to reduce demand and thus limit market expansion.
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Global Decorative Lighting Market Competitive Landscape
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.
Decorative Lighting Market Top Player’s Company Profiles
- Acuity Brands,
- General Electric Co.
- OSRAM Light AG
- Signify Holding (formerly Philips Lighting)
- Cree, Inc.
- Hubbell Incorporated
- Zumtobel Group AG
- Lutron Electronics Co., Inc.
- Fagerhult Group
- Eaton Corporation
- Crompton Greaves Consumer Electricals Ltd.
- Zumtobel Group AG
- Wipro Lighting
- Koninklijke Ten Cate nv
- Feilo Sylvania (Shanghai) Lighting Co., Ltd.
- Eglo Leuchten GmbH
- Zumtobel Group AG
- Hinkley Lighting, Inc.
- Bruck Lighting Systems, Inc.
- Kichler Lighting LLC
Decorative Lighting Market Recent Developments
- In January 2022, GE Lighting, a Savant company, expanded its smart home ecosystem, Cync, with several new products. The company introduced a Smart Thermostat and Temperature Sensor, a line of Outdoor Security Cameras, and additional lighting products to the family of connected products at CES 2022, and will continue to launch more hardware, as well as innovative software solutions, throughout the year.
- In April 2022, Acuity Brands, Inc. announced the launch of STAR-enabled Life Safety solutions for providing code-required emergency lighting test and status data via mobile devices.
- In April 2021, Fagerhult Group and Sony collaborated to provide better overviews and control off flows in larger buildings. The collaboration will involve the use of Fagerhult’s wireless lighting control system, Organic Response, and Sony’s navigation system, Nimway.
Global Decorative Lighting Key Market Trends
- Energy consumption can be reduced by up to 90% by using LEDs and fluorescent lighting. They are also less expensive to maintain and have a longer lifespan. A lower electric bill results from reduced energy consumption. As a result of these factors, many businesses are switching from traditional incandescent lights to energy-efficient lights in order to save money. Individual consumer demand for these lights is increasing as prices fall. As a result, the rising demand for energy-efficient lighting will propel the decorative lighting market forward in the coming years.
- The development of advanced technologies such as IoT, artificial intelligence, and cloud-based systems have led to the construction of smart homes. These residences include intelligent lighting, color, and intensity which can be controlled via a remote device. The expansion of the smart home sector, as well as the growing demand for such lighting features, will drive market growth.
Global Decorative Lighting Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 38.65 billion |
| Market size value in 2031 | USD 40 billion |
| Growth Rate | 3.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Decorative Lighting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Decorative Lighting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
Regional Analysis: Further analysis of the Global Decorative Lighting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Decorative Lighting Market Report Snapshots
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