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Interior Lighting Market Potential Analysis, Key Drivers, Emerging Growth, Trends And Forecast To 2033
Interior Lighting Market Analysis
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According to The Business Research Company's, The interior lighting market size has grown strongly in recent years. It will grow from $72.94 billion in 2023 to $77.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rapidly urbanizing and developing infrastructure, high need for energy-efficient lighting systems, supportive government regulations, high usage of smart lighting systems, and the rise of e-commerce and online distribution channels.
The interior lighting market size is expected to see strong growth in the next few years. It will grow to $98.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the shift towards home improvement and redesign, the adoption of smart home technologies, the demand for energy efficiency, the integration of smart home and IoT, usage of decorative lamps in the residential sector. Major trends in the forecast period include advanced lighting technologies, smart lighting innovations, energy efficiency and sustainability, integration of smart lighting, shift towards circadian lighting.
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Market Drivers and Trends:
The increasing number of smart homes in developing countries is expected to propel the growth of the interior lighting market going forward. Smart homes refer to residences equipped with internet-connected devices that enable remote control and automation of systems like lighting, heating, security, and entertainment. The increasing number of smart homes in developing countries is driven by rising disposable incomes, greater access to technology, and a growing demand for convenience and energy efficiency. The demand for interior lighting arises from its pivotal role in shaping the atmosphere, functionality, and aesthetics of indoor spaces, driving the integration of smart technologies to optimize energy efficiency, convenience, and customization within modern homes. For instance, in May 2021, according to a survey conducted by National Public Radio, a US-based non-profit media organization, a survey of 1,292 people found that nearly 60 million Americans own a smart speaker, with 29% owning more than one. These devices, which provide news updates and set alarms via voice commands, exceeded expectations in convenience for nearly 60% of users and in usefulness for 52%. Therefore, the increasing number of smart homes in developing countries will drive the interior lighting market.
Major companies operating in the interior lighting market are focused on developing innovative products, such as ambient lighting, to gain a competitive edge in the market. Ambient lighting provides a convenient and versatile solution for homeowners to enhance their living spaces and create a more personalized and enjoyable environment. For instance, in June 2022, Topaz Lighting Corp., a US-based lighting company, launched a customizable red, green, and blue (RGB) ambient lighting home decor. This innovative product features a smart lighting system designed to elevate the feeling of any space, create the perfect lighting for any mood, and enhance the entertainment experience with 16 million+ colors, 12 dynamic effects, seven built-in scenes, and various rhythms that sync up to music, games, and movies.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Panasonic Corporation, Eaton Corporation Plc, Koninklijke Philips N.V., Stanley Black & Decker Inc., Signify Holding B.V., Osram Licht AG, Hubbell Inc., Acuity Brands Inc., Hafele Gmbh & Co., Havells India Ltd., Zumtobel Group AG, Cree Lighting USA LLC, Lutron Electronics Co. Inc., Thorn Lighting Ltd., GE Lighting, Kichler Lighting LLC, Tech Lighting LLC, Craftmade International Inc., WAC Lighting, Quoizel Inc., Hinkley Lighting Inc., Sea Gull Lighting, Maxim Lighting International Inc., Lighting New York, Csl Lighting Inc., Murray Feiss Light
Interior Lighting Market 2024 Key Insights:
• The interior lighting market size is expected to see strong growth in the next few years. It will grow to $98.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Smart Home Integration Propels Interior Lighting Market Growth
• Innovative Solutions Transforming Home Environments And Entertainment Experiences
• Asia-Pacific was the largest region in the interior lighting market in 2023
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