Pune, 20 May 2024: Stellar Market Research, a Consumer Goods and Services business research firm has published a report on the “Decorative Lighting Market”. The total market size of the Decorative Lighting Market was USD 112.3 Bn in 2023 and is expected to grow at 6.2 percent CAGR through the forecast period by reaching nearly USD 171.10 Bn.
Decorative Lighting Market Report Scope
Market Size in 2023 USD 112.3 Bn
Market Size in 2030 USD 171.10 Bn
CAGR 6.2% (2024-2030)
Forecast Period 2024-2030
Base Year 2023
Number of Pages 278
No. of Tables 119
No. of Charts and Figures 115
Segment Covered Product, Light Source, Application, and Region
Regional Scope North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage Market Share, Size & Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, SMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.x
Decorative Lighting Market Research Methodology
The report includes the drivers, restraints, opportunities, and challenges of the Decorative Lighting Market. To understand the Decorative Lighting market estimations and growth rates, a bottom-up approach was used in the report. Regional analysis of the Decorative Lighting market was conducted at a local, regional, and global level to understand the Decorative Lighting market penetration, price and demand analysis, and competitive landscape. The report offers fundamental information on the Decorative Lighting market, including stakeholders, investors, and new entrants used to develop marketing plans and investments. The technology adoption, financial standing, portfolio, merger and acquisition, joint ventures and strategic alliances are covered in the competitive environment for the Decorative Lighting Market.
The primary and secondary data methods were used for the data collection for the Decorative Lighting Market. Segment-wise analysis of the market is divided into Product, Light Source, and Application. The bottom-up approach was used to estimate the Decorative Lighting market size by various segments. Product Type and Application are the segments used to analyze Decorative Lighting to determine the favorable and unfavorable aspects that affect market growth. SWOT analysis was conducted to provide the strengths and weaknesses of the Decorative Lighting Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Decorative Lighting Market.
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Decorative Lighting Market Overview
Decorative lighting enhances the look of the home. It adds sparkle and improves interior spaces. It includes fixtures such as sconces, pendants, and chandeliers, providing both aesthetic appeal and functional lighting. The Decorative Lighting Market offers a variety of designs, from traditional to contemporary, focusing on ambiance rather than technical aspects. The growing interest in interior design boosts the decorative lighting market. A trend in the market is the incorporation of smart technology, offering features like remote control and color-changing LEDs for added convenience and customization. This aligns with the broader trend of home automation and connectivity.
Decorative Lighting Market Dynamics
Interior design trends heavily influence the Decorative Lighting Market, driving demand for fixtures that complement modern styles such as minimalist and vintage-inspired designs. Manufacturers innovate to meet these demands, experimenting with materials and technologies to create customizable solutions. Sustainability and wellness are increasingly important, with consumers seeking eco-friendly and health-promoting lighting options. The high initial cost of premium products limits market growth, despite their superior quality and features. Marketing campaigns highlighting long-term benefits and durability mitigate this barrier.
Advancements in lighting technology offer growth opportunities, with smart lights providing convenience and energy management, while LED technology promises sustainability and efficiency. Efforts to improve warm lighting tones and affordability make widespread LED adoption feasible, benefiting both consumers and the environment. High-efficiency ballasts further enhance energy savings, contributing to a more sustainable future. interior design trends, sustainability concerns, and technological advancements shape the dynamics of the Decorative Lighting Market, influencing consumer preferences and industry innovation.
Decorative Lighting Market Regional Insights
North America significantly dominated the Decorative Lighting Market due to its strong economy, culture of interior design, and technological innovation. High consumer spending power allowed for investment in luxury lighting fixtures while changing lifestyle trends towards energy efficiency drove demand. The region’s diverse demographics and multicultural influences also contributed to a rich tapestry of design preferences, further boosting market growth. Therefore, North America’s economic strength, innovation, cultural diversity, and evolving consumer preferences solidified its dominance in the Decorative Lighting Market.
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Decorative Lighting Market Segmentation
By Product
- Chandeliers
- Pendants
- Sconce
- Flush Mount
- Others
Based on Product, Sconces combines functionality and style, serving as both decorative pieces and practical lighting solutions in residential and commercial settings. Advancements in design and technology, including LED and smart features, have increased their appeal. With a focus on interior decor and personalization, sconces dominate the Decorative Lighting Market segment.
By Light Source
- LED
- Fluorescent
- Incandescent
- Others
Based on Light Source, LED technology offers superior energy efficiency compared to traditional lighting sources, aligning with sustainability goals and cost-saving objectives. Its longer lifespan and durability reduce maintenance needs, appealing to consumers and businesses. LED’s versatility allows for diverse decorative lighting products, meeting various preferences. Ongoing advancements, like improved color rendering and smart features, drive innovation, solidifying LED’s dominance in the Decorative Lighting Market.
By Application
- Commercial
- Household
Based on the Application the commercial sub-segment dominated the global Decorative Lighting Market. The commercial segment includes such as hotels, restaurants, and offices increasingly prioritizing ambiance to enhance customer experience. Advanced lighting technology, particularly LED, offers energy efficiency and customizable designs, appealing to businesses. The trend towards smart lighting systems further drives adoption, solidifying the commercial sector’s dominance in the market.
Decorative Lighting Market’s Key Competitors include:
- Philips Lighting (Netherlands)
- OSRAM GmbH (Germany)
- Acuity Brands (United States)
- Cree Inc. (United States)
- General Electric Company (United States)
- Eaton Corporation (Ireland)
- Hubbell Incorporated (United States)
- Zumtobel Group AG (Austria)
- Lutron Electronics Co., Inc. (United States)
- Panasonic Corporation (Japan)
- Signify N.V. (Netherlands)
- Legrand S.A. (France)
- Schneider Electric (France)
- Fagerhult Group (Sweden)
- Crompton Greaves Consumer Electricals Ltd (India)
- Hinkley Lighting Inc. (United States)
- Kichler Lighting LLC (United States)
- Progress Lighting (United States)
- Targetti Sankey S.p.A. (Italy)
- Feilo Sylvania (China).
Key questions answered in the Decorative Lighting Market report are:
- What is Decorative Lighting?
- Which market segment held the largest share of the global Decorative Lighting Market in 2023?
- What are the global trends in the Decorative Lighting Market?
- What are the upcoming industry applications and trends for the Decorative Lighting Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Decorative Lighting Market?
- What growth strategies are the players considering to increase their presence in the Decorative Lighting Market?
- Who are the leading companies and what are their portfolios in the Decorative Lighting Market?
- What are the major challenges that the Decorative Lighting Market could face in the future?
- Which region held the largest Decorative Lighting Market Share in 2023?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Market Size, Share, Size & Forecast by different segment | 2023−2030
- Decorative Lighting Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Decorative Lighting Market Segmentation – A detailed analysis by Product, Light Source, Application and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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