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Surge in Decorative Lighting Market: Detailed Insights into Key Growth Drivers, Market Size, and Forecasted Trends
Decorative Lighting Market
Decorative Lighting Market Set for Steady Growth: Noteworthy Developments, and Significant Market Players
What Is The Projected Market Size Of The Global Decorative Lighting Market And Its Growth Rate?
The global decorative lighting market has been experiencing a steady growth. Here are key statistics:
• The market size was $40.82 billion in 2024 and is estimated to grow to $42.23 billion in 2025, exhibiting a CAGR of 3.5%.
• The growth drivers include urbanization, infrastructure development, expansion of hospitality and retail sectors, changing consumer spending patterns, real estate development, and shifts in aesthetic preferences and architectural designs.
• The market size is projected to reach $49.91 billion by 2029 with a CAGR of 4.3%, driven by factors such as smart home integration, health and wellness considerations, rise of online retail channels, government energy efficiency initiatives, and popularity of open-concept living.
What Is Driving The Growth In The Decorative Lighting Market?
The decorative lighting market is seeing considerable growth, mainly driven by increased remodeling and renovation activities. The changes in structure or layout and restoration of buildings and spaces to good conditions have fueled this surge. The onset of the COVID-19 pandemic sparked a rise in renovation activities in enclosed spaces, such as bedrooms and kitchens, primarily because people had to work from home and adhere to social-distancing measures. Decorative lighting plays a crucial role in these activities, helping to accentuate particular objects or areas in a room. Different shades and colors of fixtures and fittings enhance and vary the perception of available size and space. For example, according to the Leading Indicator of Remodeling Activity (LIRA), annual improvement and repair spending saw year-over-year gains of 9% in Q4 2021 and this pace is expected to continue throughout 2022, reaching $400 billion by Q3 2022. This trend suggests a positive growth trajectory for the decorative lighting market.
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Who Are the Key Players Driving Decorative Lighting Market Growth?
The key players operating in the decorative lighting market include:
• The Home Depot Inc.
• General Electric Co.
• Lowe's Companies Inc.
• Signify NV
• Hubbell Incorporated
• OSRAM Light AG
• Acuity Brands Lighting Inc.
• Havells India Limited
• Fagerhults Belysing AB
• LSI Industries Inc.
• Electronic Theatre Controls Inc.
• Artemide S.p.A.
• Flos S.p.A.
• Generation Brands LLC
• Cree Lighting Inc.
• Savant Systems Inc.
• Juno Lighting LLC
• Amerlux LLC
• Maxim Lighting International
• Crest LED Lighting Manufacturing Company
• Fagerhult Group
What Are The Key Trends In The Decorative Lighting Market?
Major trends influencing the decorative lighting market include:
• Integration of smart lighting
• Energy-efficient LED technology
• Customization and personalization
• Popularity of vintage and retro styles
• Favourability of wireless and cordless designs
• Innovations in materials and finishes
What Are The Segments Of The Global Decorative Lighting Market?
The market segments covered in this report are:
1) By Product: Ceiling, Wall-Mounted, Other Products
2) By Light Source: Light Emitting Diode (LED), Fluorescent, Incandescent, Other Light Sources
3) By Distribution Channel: Offline, Online
4) By End Use: Commercial, Household
Which Region Leads The Decorative Lighting Market?
In 2024, North America was the largest region in the decorative lighting market. However, Asia-pacific is anticipated to be the fastest-growing region in the forecast period. The report covers extensive geographical analysis including regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Decorative Lighting Market Global Market Report?
- Market Size Analysis: Analyze the Decorative Lighting Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Decorative Lighting Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Decorative Lighting Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Decorative Lighting Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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