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.
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.
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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.
Decorative Lighting Product Outlook (Revenue, USD Million, 2015 - 2025)
Decorative Lighting Light Source Outlook (Revenue, USD Million, 2015 - 2025)
Decorative Lighting Application Outlook (Revenue, USD Million, 2015 - 2025)
Decorative Lighting Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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