The growing need for stress reduction and mood relief is a key driver of market revenue growth.
Market Size – USD 38.54 billion in 2021, Market Growth – at a CAGR of 3.4%, Market Trends – Growing need to highlight various objects and areas of the room.
The global decorative lighting market size is expected to reach USD 51.77 billion by 2030 and register a CAGR of 3.4% during the forecast period, according to a latest report by Reports and Data. The growing need for stress reduction and mood relief is a key factor that is expected to drive the market revenue growth over the forecast period. Growing need to highlight various objects and areas in the room is expected to drive the market revenue growth between 2022 and 2030. Lighting is required to perform different tasks. Decorative lights are used in many different places including stores, malls, libraries etc. Decorative lighting also helps achieve attributes such as shifting focus to popular designs in homes, hotels, spas, salons, restaurants, and restrooms, among others. However, direct lighting is also necessary for performing tasks such as sewing, reading, model building, crafts, and writing, among others. Decorative lighting, such as pendant lighting, is also known as a task light because it provides illumination to help users get the job done. Additionally, enhanced ambience requires lighting to be focused on objects, wall decorations, and entry and exit points of various buildings, which enhances the atmosphere and mood of the viewer. Accordingly, increasing adoption of decorative lighting for task performance or aesthetic appeal is expected to drive the market revenue growth over the forecast period.
However, excessive usage alters the light color which is expected to hamper the market revenue growth over the forecast period. Excessive heating damages the semiconductor material causing the light to change color. In addition, high voltage input and high frequency of use may also cause color change. Additionally, decorative lighting should be properly maintained and protected from sunlight and water to prevent color shifts and damage. These factors are expected to hamper the market revenue growth over the forecast period.
Companies profiled in the global market report include
Home Depot, Inc., Signify NV, Hubbell, Inc., Acuity Brands, Inc., Osram Licht AG, Fagerhult BV, SAVANT TECHNOLOGIES LLC, Amerlux LLC, Maxim Lighting International, Inc., Bridgelux, Inc., Intense Lighting LLC, and Generation Brands LLC.
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Some highlights of the report
- The online segment is expected to account for the largest market share over the forecast period owing to the growing availability of wide range and variety of products on online platforms.
- The commercial segment is expected to register a significantly high revenue growth rate during the forecast period owing to the growing need for improved ambience, which will boost the mood and sentiment of customers creating better brand value for the company.
- The Asia-Pacific market is expected to witness a very rapid revenue growth rate over the forecast period. Market growth is expected to be driven by the growing demand for energy efficient lighting in the residential sector.
- In July 2020, SAVANT TECHNOLOGIES LLC announced the acquisition of GE Lighting LLC. The acquisition will allow SAVANT to innovate in the field of lamps. Furthermore, the objective of the acquisition is to make SAVANT the world leader in smart lighting.
For the purposes of this report, the reports and data have segmented the global decorative lighting market on the basis of product type, light source, price range, distribution channel, application and the region :
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Wall mounting
Light Source Outlook (Revenue, USD Billion; 2019-2030)
- Light Emitting Diode (LED)
Price Range Outlook (Revenue, USD Billion; 2019-2030)
- Top of the line
- medium range
- Low end
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Specialty stores
- On line
Application Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key Benefits of Decorative Lighting Report:
- Identification and analysis of market size and competition
- Qualitative and quantitative analysis of market data
- Data validated by industry experts after extensive primary and secondary research
- In-depth regional analysis of the Decorative Lighting industry
- Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
- SWOT and Porter’s Five Forces analysis for an in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, constraints, challenges, risks and limitations
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