Decorative Lighting Market is projected to grow USD 42.9 billion with CAGR of above 3.1% by 2025 | Grand View Research, Inc.

October 04 04:12 2019
Decorative Lighting Market is projected to grow USD 42.9 billion with CAGR of above 3.1% by 2025 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global decorative lighting market size was valued at USD 34.6 billion in 2018. Increasing recognition of the role of illuminating medium in setting up the ambience of the room is expected to promote the utility of various decorative lighting fixtures.

The global decorative lighting market size is expected to reach USD 42.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast period. Increasing deployment of decorative lighting in shopping malls, complexes, and retail shops have been playing a vital role in the market growth. The bright light adds a charm to place, along with giving it a warm and welcoming vibe. Additionally, the lighting helps in showcasing the products better and making it appear attractive. The trend has further extended its roots in decorating washrooms of malls, complexes, airports, and restaurants in order to offer a remarkable service to its customers.

The color of light plays a crucial role in the adoption of fixtures. Consumers have become aware about the effect of the color temperature. Three varieties including soft white, bright/cool white, and daylight are generally used. Soft white or warm white light bulbs are best suited for bedrooms and living rooms, as these offer traditional, warm, and cozy look. The bright or cool white light is suitable for kitchen and other similar workspaces including offices, as these offer a quick energetic ambience. The daylight is considered ideal for working, reading, or applying makeup as they enhance the color contrast.

Asia Pacific is expected to remain one of the lucrative markets over the next few years. Population growth and urbanization in developing economies such as China and India have paved a way for the lighting fixture firms to find new opportunities in the region. Additionally, rising spending on renovation as well as development of tourist destinations by the governments of China, India, Maldives, and Sri Lanka at the domestic level is expected to increase the establishment of new hotels as well as restaurants, where decorative lighting fixtures will expand the market reach.

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Some of the key players operating in the decorative lighting market for decorative lighting are ACUITY BRANDS LIGHTING, INC.; Signify Holdings; NICHIA CORPORATION; Hubbell; Crest LED Lighting; GENERAL ELECTRIC COMPANY; OSRAM GmbH; Cree Lighting; Crest LED Lighting; and CRENSHAW LIGHTING. New product launches are expected to remain key strategies among the industry participants in order to expand their market size. Additionally, consumers are expected to consider energy efficient products with smart features as one of the key buying criteria over the next few years. For instance, in October 2018, Jaquar launched its copper chandelier with a silver plating. The three-tier chandelier is decorated with European crystals, along with LED E14. It offers smart and energy efficient lighting.

U.S. decorative lighting market size, by product, 2015 - 2025 (USD Million)

Further key findings from the report suggest:

  • By product, sconce held the largest share of over 35.0% in 2018 due to availability of a variety of products in the market, and each of which plays an essential role in creating a unique ambience
  • Flush mount products are expected to expand at the fastest CAGR of 3.8% from 2019 to 2025. The ceiling mounted product is increasingly adopted owing to its inclusion in interior decoration by most designers
  • By light source, LED sourced products are expected to witness the fastest growth from 2019 to 2025. Fluorescent sourced products are expected to generate a revenue of USD 13.0 billion by 2025
  • The commercial application segment accounted for more than 70.0% share of the global revenue in 2018.

Global decorative lighting market share, by light source, 2018 (%)

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Key Topics Covered 

Chapter 1. Methodology and Scope
                    1.1. Market Segmentation & Scope
                    1.2. Market Definition
                    1.3. Information Procurement
                        1.3.1. Purchased Database
                        1.3.2. GVR’s Internal Database
                        1.3.3. Secondary Sources & Third-Party Perspectives
                        1.3.4. Primary Research
                    1.4. Information Analysis
                        1.4.1. Data Analysis Models
                    1.5. Market Formulation & Data Visualization
                    1.6. Data Validation & Publishing
Chapter 2. Executive Summary
                    2.1. Market Outlook
                    2.2. Segmental Outlook
                    2.3. Competitive Insights
Chapter 3. Decorative Lighting Market Variables, Trends & Scope
                    3.1. Market Introduction
                    3.2. Penetration & Growth Prospect Mapping
                    3.3. Industry Value Chain Analysis
                        3.3.1. Sales/Retail Channel Analysis
                        3.3.2. Profit Margin Analysis
                    3.4. Market Dynamics
                        3.4.1. Market Driver Analysis
                        3.4.2. Market Restraint Analysis
                        3.4.3. Industry Challenges
                        3.4.4. Industry Opportunities

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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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