Global Decorative Lighting Market Size to Reach USD 51.77 Billion in 2030, Increasing Need For Enhancing Ambiance And Reducing Eyestrain Booming Market Worldwide

June 29 18:32 2022
Global Decorative Lighting Market Size to Reach USD 51.77 Billion in 2030, Increasing Need For Enhancing Ambiance And Reducing Eyestrain Booming Market Worldwide
Reports and Data

Increasing need for reducing stress and alleviating mood is a key factor driving market revenue growth.

Market Size – USD 38.54 Billion in 2021, Market Growth – at a CAGR of 3.4%, Market Trends – Increasing need for highlighting various objects and areas in the room.

The global decorative lighting market size is expected to reach USD 51.77 Billion in 2030 and register a revenue CAGR of 3.4% during the forecast period, according to a latest report by Reports and Data. Increasing need for reducing stress and alleviating mood is a key factor expected to drive market revenue growth during the forecast period. Increasing need for highlighting various objects and areas in the room is expected to boost revenue growth of the market between 2022 and 2030. Lighting is needed to complete different tasks. Decorative lights are used in many different places, including shops, malls, libraries, etc. Decorative lighting also helps achieve attributes such as shifting the focus toward the popular designs in homes, hotels, spas, parlors, restaurants, and washrooms among others. However, direct lighting is also required to complete tasks such as sewing, reading, model construction, crafts, and writing, among others. Decorative lighting, such as pendant lighting is also known as a task light, as it provides spotlighting to help users complete the task. In addition, improved ambiance requires lighting to be focused on objects, wall decors, and entry and exit points of various buildings, which improves the atmosphere and mood of the viewer. As a result, increasing adoption of decorative lighting for task completion or aesthetic appeal is expected to drive the market revenue growth over the forecast period.

However, excessive usage changes the color of the light, which is expected to hamper revenue growth of the market during the forecast period. Excessive heating damages the semiconductor material causing the light to change its color. In addition, high voltage input and high frequency of usage can also cause the color to change. Furthermore, decorative lighting should be maintained properly and kept away from sunlight and water to avoid color change and damage. These factors are expected to hamper the market revenue growth during the forecast period.

Companies profiled in the global market report include

Home Depot, Inc., Signify N.V., 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 Key Highlights in the Report

  • The online segment is expected to account for largest market share over the forecast period owing to increasing availability of a wide range and variety of products in online platforms.
  • The commercial segment is expected to register a significantly high revenue growth rate over the forecast period due to increasing need for improving ambiance, which will drive mood and feeling of customers creating a better brand value for the company.
  • The market in Asia Pacific is expected to register a significantly rapid revenue growth rate during the forecast period. Growth of the market is expected to be driven by increasing demand for energy-efficient lighting in the residential sector.
  • In July 2020, SAVANT TECHNOLOGIES LLC announced the acquisition of GE Lighting LLC. The acquirement will enable SAVANT to make innovations in the lamp space. In addition, the aim of the acquisition is to make SAVANT the number one intelligent lighting company in the world.

For the purpose of this report, reports and data has segmented the global decorative lighting market on the basis of product type, light source, price range, distribution channel, application, and region:

Product Type Outlook (Revenue, USD Billion; 2019-2030)

  • Chandelier
  • Pendants
  • Sconce
  • Ceiling
  • Wall Mount
  • Others

 

Light Source Outlook (Revenue, USD Billion; 2019-2030)

  • Light-Emitting Diode (LED)
  • Fluorescent
  • Incandescent
  • Others

 

Price Range Outlook (Revenue, USD Billion; 2019-2030)

  • High-Range
  • Medium-Range
  • Low-Range

 

Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)

  • Hypermarkets
  • Specialty Stores
  • Online
  • Others

 

Application Outlook (Revenue, USD Billion; 2019-2030)

  • Residential
  • Commercial

 

Regional Outlook (Revenue, USD Billion; 2019-2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Advantages of Decorative Lighting Report:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Decorative Lighting industry
  • Profiling of key players along with their business overview,  business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations


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