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Industry Insights, Market Size, CAGR, High-Level Analysis: Decorative Lighting Market 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 radiance of a room manipulates the perceived size by creating a visually dynamic space. Along with this, appropriate illumination with the right fixtures helps in inducing a visual appeal to the room. The modern décor views decorative lighting fixtures to be seamless combination of functionality and style. Modern décor when chosen strategically complements the floor, furniture, and wall color and results in creating a warm, inviting, and functional space. The décor of a living space has always been considered to be the reflection of its owner. It helps in creating a statement about the taste, personality, and wellbeing of the proprietor. Decorative lighting plays a crucial role in achieving the aforementioned attributes. Shifting focus of some of the popular designers towards decorative lighting has streamlined their application in homes, shops, malls, libraries, hotels, spa, parlors, restaurants, and washrooms. Erica Reitman, Amy Storm, Lisa Abeln, Anissa Zajac, Kristina Lynne, Lea Johnson, and Anne Sage are some of the famous designers who love to experiment with decorative lighting to create a perfect ambience. Manufacturers have been tracking the growing demand and accordingly innovating the decorative lightings that serve both style and functionality. Ceiling fans with light kits are among some of the recent innovations, which has created its demand among the consumers. It is considered to be appropriate for rooms heighted more than 8 feet. Additionally, both the light kit and the fan function independently and use of only one among the two is also possible. The light kit varies in shape, size, and structure to cater to the requirements of the buyers. Additionally, a buyer can customize the product in various forms such as chandelier-style assemblies, three or four arm downlight assemblies, and globe assemblies. Demand for different kinds of decorative lighting fixtures is increasing due to growing influence of social media influencers and various home décor web series on consumers. Fixtures are required in various shapes, sizes, colors, and materials. Fiber fixtures are the most common ones, but the demand for glass, ceramic, bamboo, carved wood, and fabric has also been growing. Similarly, colors that complement the wall and furniture are sorted. Glass and ceramic materials are very popular owing to their elegant look and easy to clean feature. Another important factor influencing the purchase is the size of the product. It is expected that a fixture should neither be so large that dominates the other aspects of the room or makes it look congested, nor it should not be so small that it goes unnoticed or fails to serve its purpose. Product Insights of Decorative Lighting Market Sconce led the market and accounted for a share of more than 35.0% in 2018. Growth of the segment is attributed to its ability to provide accent, ambient, as well as decorative lighting. For instance, it can be used to light up a dark hallway as well as highlight a specially decorated wall. A variety of models are available depending upon the style of the buyer including mid-century modern, contemporary, transitional, classic, traditional, luxury, crystal, rustic, antique, and vintage. The flush mount products are expected to expand at the fastest CAGR of 3.8% from 2019 to 2025. This can be attributed to their easy inclusion in bold and sober style statements. These decorative lightings are available in simplest design and they serve the simple purpose of illuminating the house. At the same time, sophisticated chic designs are available to form the central piece in the area. Their sizes can vary between 6 inches to 24 inches, which can be installed depending upon the room size. Their versatility is a factor behind their rapid adoption. They complement casual and formal ambience, high ceilings and low ceilings, and large rooms and small rooms. These flush mount decorative lightings find space in the bedroom, bathroom, dining room, hallway, foyer, kitchen, office, living room, and pantry. Application Insights of Decorative Lighting Market The commercial application segment accounted for the largest share of exceeding 70.0% in 2018. Lightning plays a crucial role in creating ambience in pubs, restaurants, hotels, malls, retail shops, libraries, and museums. Use of decorative lighting has become a trend to enhance customer experience in these places. Restaurants and pubs form an essential spot for social gathering of friends and families and thus the decorative lighting is expected to be warm and cheery. Similarly, shopping malls have evolved from being the purchase destination to family and friends gathering spot and an entertainment venue. Decorative lighting is necessary for creating a welcoming and engaging experience. The household application segment is expected to expand at the fastest CAGR of 3.7% from 2019 to 2025. Demand for well-designed houses irrespective of their size to enhance both visual appeal and functionality is leading to increasing household application of the products. Interior decorators have been constantly emphasizing on the use of decorative lighting for solving dual purposes that is to enhance functionality as well as add décor to the room. Light Source Insights LED sourced decorative lightings accounted for a share of more than 45.0% in 2018. Growth of the segment is attributed to the supportive regulatory policies made by governments from across the globe. It has been found that these products are exceptionally energy efficient, with an output of 135 lumens/watt, which is far better than most other counterparts. Additionally, these products are capable of saving 90% of the electricity. Their long life is another feature backing up their popularity among the consumers. Proper maintenance of these products allows the consumers to serve for more than 50,000 hours and at times go beyond 100,000 hours. These decorative lightings are environmentally friendly as they do not contain mercury. LED’s do not emit forward heat like the other traditional light sources, which makes them safer for use. Additionally, intensity of the light in LED sourced decorative lightings can be regulated, which provides an upper hand to the consumers in setting up the appropriate ambience. Most innovations regarding smart decorative lighting are happening with LED source products, which makes it the first choice of both manufacturers and customers. Regional Insights of Decorative Lighting Market North America was the largest market, accounting for more than 35.0% share of the global revenue in 2018. Reach of electricity to every single household of U.S., Canada, and Mexico plays a crucial role in adoption of creative ways of decorative lighting. In addition, U.S. alone accounted for 116,108 malls in the year 2018. Majority of the malls heavily spend on decorative lighting to create a welcoming experience. Similarly, according to the American Hotel & Lodging Association, the number of hotel properties in U.S. recorded was 54,200+. Hotels use decorative lighting to create a rich experience, which is expected to have a calming and soothing effect on its residents. Asia Pacific is expected to be the fastest growing market, expanding at a CAGR of 4.1% from 2019 to 2025. Growing population and rapid urbanization in developing countries including China, India, Philippines, Indonesia, Sri Lanka, Bangladesh, and Maldives form a large customer base for decorative lighting. Among these, most South Asian countries have gained the status of decent vacation spots, which leads to increasing number of well decorated hotels and restaurants. This, in turn, will expand the scope for decorative lighting. Market Share Insights of Decorative Lighting Market Some of the key players operating in the market are Acuity, Philips (Signify), Home Depot, Hubbell, Generation Brands, Juno, Lowe’s, GE Lighting, LSI, Osram, Cree, Amerlux, Littmann, ETC, Columbia, AZZ, and Intense. Manufacturers have been keen on innovating products by making them smart and artificial intelligent compatible. For instance, Swarovski launched smart chandelier light pendants in July 2018. The multi-functional piece is controlled by a mobile application. It can be used as a fully functional light while reading or other similar kind of work. The intensity of illuminance can be regulated using the app according to the ambience expected. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Decorative Lighting Market Research Report This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global decorative lighting market report on the basis of product, light source, application, and region: Product Outlook (Revenue, USD Million, 2019 - 2030) Chandeliers Pendants Sconce Flush Mount Others Light Source Outlook (Revenue, USD Million, 2019 - 2030) LED Fluorescent Incandescent Others Application Outlook (Revenue, USD Million, 2019 - 2030) Commercial Household
Table of Contents 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. | read more...