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The global decorative lighting market was valued at USD 32.5 billion in 2022, growing at a CAGR of 3.5% from 2023 to 2032. The market is expected to reach USD 45.8 billion by 2032. Using lighting to create a mood and encourage using different lighting fixtures drives the decorative lighting market. These lights create a visually dynamic space, which manipulates the room's actual size. Appropriate lighting and fixtures also give a space a pleasing appearance.
Living spaces have always been thought of as reflections of their owners. It aids in making a statement about the owner's preferences, character, and well-being. Decorative lighting is essential to obtaining the previously described qualities. Some well-known designers have emphasised ornamental lighting, simplifying its use in residences, stores, malls, hotels, spas, parlours, dining areas, and restrooms. Renowned designers like Erica Reitman, Amy Storm, Lisa Abeln, Anissa Zajac, Kristina Lynne, Lea Johnson, and Anne Sage are fond of experimenting with decorative lighting to create the ideal atmosphere. Manufacturers have been keeping an eye on the rising demand and have responded by developing innovative decorative lighting solutions that combine elegance and practicality. Among the recent developments that have generated consumer interest are ceiling fans with light kits. It is considered suitable for rooms that are higher than eight feet. Furthermore, the light kit and the fan operate separately, and using just one of them is also an option. The light kit's design, size, and construction vary to meet the customers' needs. Additionally, the product can be customised in several ways, including globe assemblies, downlight assemblies with three or four arms, and chandelier-style assemblies.
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In May 2022, The world's top lighting firm, Signify (Philips), successfully acquired Fluence. The deal expands Signify's position in the horticulture lighting sector and fortifies the global farm lighting growth platform.
In March 2022, The company repurchased 850,000 shares for 35.5 million euros. The company's repurchase programme, which started on February 24, 2022, and ended on February 24, 2023, is behind the stock buyback. The shares will be used to settle the debt associated with incentive performance share plans and employee share plans offered by Signify.
In January 2022, Acuity Brands Inc. intends to broaden its collaboration with Microsoft to enhance the functionality of its building automation systems, smart lighting, and lighting controls.
Increasing need for decorative lighting in the home and commercial sectors to improve aesthetics- The market expansion for decorative lighting is aided by the growing trend of interior design in residential and commercial structures. Lighting is being used extensively to improve an area's appearance since it is one of the most important components of interior design. Additionally, a rise in the use of decorative lighting is being caused by the growing remodelling and renovation activities that are taking place in both established and emerging nations, which is boosting market growth.
Increasing competition and market saturation- A major obstacle facing the decorative lighting sector is the growing rivalry between producers and designers. Various lighting devices are flooding the market, competing for consumers' attention. The market has many competitors, ranging from well-known companies to up-and-coming startups, and the intense rivalry causes price wars and commoditization. Manufacturers must constantly develop and differentiate their products to be relevant in a crowded market. This problem also raises questions about the quality of the products since businesses may have to compromise performance and durability to stay competitive. It can be difficult for customers to choose the best lighting solution for their unique needs due to the many options available.
Technological advancements- Using smart lighting systems is one of the key developments in the decorative lighting sector, facilitating market expansion. Examples of decorative lighting products that use smart lighting systems are pendants, chandeliers, tape or string lights, and lamps with smart LEDs.Wireless technology is used to connect a smart lighting system. Wi-Fi and Bluetooth technologies are utilised to link these smart lights wirelessly. Voice control technologies such as Apple's Siri, Amazon Alexa, Google Assistant, and Microsoft's Cortana are used to run smart lighting systems. Thus, the growing implementation of smart lighting systems is anticipated to drive market expansion during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest global decorative lighting market, with a 37.6% market revenue share in 2022.
The availability of electricity to every home in the United States, Canada, and Mexico is a major factor in the uptake of innovative decorative lighting designs. In addition, there were 116,108 malls in the United States alone in 2018. Most shopping centres use decorative lighting to create a warm and inviting atmosphere. In a similar vein, the American Hotel & Lodging Association reports that there are over 54,200 hotel properties in the US. Hotels employ ornamental lighting to create a luxurious atmosphere that calms and soothes its guests.
North America Region Decorative Lighting Market Share in 2022 - 37.6%
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The product segment is divided into chandeliers, pendants, sconce, flush mount, and others. The sconce segment dominated the market, with a market share of around 28% in 2022. The segment's growth is attributed to its capacity to furnish accent, ambient, and decorative lighting. For example, it can be used to emphasise a wall that has been specially adorned or to light up a gloomy passage. Depending on the buyer's style preferences, various models are offered, including luxury, mid-century modern, contemporary, transitional, classic, traditional, rustic, antique, and vintage.
The light source segment is divided into LED, fluorescent, incandescent, and others. The LED light source segment dominated the market, with a market share of around 39% in 2022. Governments from all over the world have implemented regulatory rules that have aided in the segment's growth. With an output of 135 lumens/watt, these items are remarkably energy-efficient compared to most of their contemporaries.
The application segment is divided into commercial and household. The commercial segment dominated the market, with a market share of around 60% in 2022. The ambience created in pubs, restaurants, hotels, shopping centres, libraries, and museums is greatly influenced by the lighting. Using decorative lighting has gained popularity to improve the patron experience at these establishments. As a vital location for social gatherings of friends and family, restaurants and pubs are expected to have warm, cheerful lighting.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 32.5 Billion |
| Market size value in 2032 | USD 45.8 Billion |
| CAGR (2023 to 2032) | 3.5% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product, Light Source, Application |
As per The Brainy Insights, the size of the decorative lighting market was valued at USD 32.5 billion in 2022 to USD 45.8 billion by 2032.
The global decorative lighting market is growing at a CAGR of 3.5% during the forecast period 2023-2032.
North America emerged as the largest decorative lighting market.
Key players in the decorative lighting market are Generation Lighting, GE Lighting, Lowe's, Amerlux, Columbia, ETC, Acuity Brands Lighting Inc., Maxim Lighting, Juno Lighting LLC, Osram, Littmann, and AZZ Inc.
This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global decorative lighting market based on the below-mentioned segments:
Global Decorative Lighting Market By Product:
Global Decorative Lighting Market By Light Source:
Global Decorative Lighting Market By Application:
Global Decorative Lighting Market By Region:
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