What is the global market size of Decorative Lighting Market?

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). Read More

Decorative Lighting Market Size, Share, Growth Analysis, By Product(Ch, eliers, Sconce, Flush Mount), By Light Source(LED, Fluorescent, Inc, escent), By Application(Commercial, Household), By Region - Industry Forecast 2024-2031

Report ID: SQSG25F2002 | Region: Global | Published Date: February, 2024
Pages: 222 | Tables: 94 | Figures: 76

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.

Decorative Lighting Market Report Snapshots

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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. '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'

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.

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.

North America had the largest market in 2021, accounting for more than 35% of 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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Decorative Lighting Market Size, Share, Growth Analysis, By Product(Ch, eliers, Sconce, Flush Mount), By Light Source(LED, Fluorescent, Inc, escent), By Application(Commercial, Household), By Region - Industry Forecast 2024-2031

Decorative Lighting Market Insights

Decorative Lighting Market Report Snapshots

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