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Global Decorative Lighting Market to Grow at a CAGR of 3.2% During 2021-2026, Aided by the Increasing Trend of Interior Designing

According to a new report by EMR titled, ‘Global Decorative Lighting Market Report and Forecast 2021-2026’, the global market for decorative lighting is expected to grow at a CAGR of 3.2% in the forecast period of 2021-2026.

North America holds a significant share of the overall decorative lighting industry owing to the increasing disposable income in the region. This is leading to the trend of interior designing in residential and commercial spaces, which is consequently increasing the deployment of decorative lighting in the region. Moreover, the growing demand for LED decorative lighting in the region, owing to the rising awareness regarding the benefits of energy-efficient lighting, is invigorating the market growth. The rapid expansion of lighting studios in the region is further propelling the industry growth. For instance, TPL Lighting announced the launch of the Adelaide Project in Toronto in February 2020. Meanwhile, the Asia Pacific region is witnessing rapid growth due to the growing production of cost-effective decorative lighting in the region, hence significantly contributing to the overall market growth.

One of the leading companies in the market is Acuity Brands Lighting Inc. (NYSE: AYI), whose subsidiary Eureka announced enhancements to its Cycle family in June 2021. The products are an extensive range of large-scale luminaires and provide diffused direct/indirect illumination creating a luminous halo fitting large spaces with simplicity and presence. The new gold finish product is expected to be available for all Cycle sizes and the Cycle XL is projected to be offered an anthracite finish. The lights feature advanced technologies to meet the demand for greater functionality as well as enhanced occupant convenience while reducing energy consumption. Such developments are expected to aid the market growth in the forecast period.

Market Analysis by Light Source, Product, End Use, Distribution Channel and Region:

  • Based on light source, the market can be segmented into LED, fluorescent, and incandescent, among others.
  • The market, on the basis of product, can be divided into ceiling, and wall mounted, among others.
  • Based on end use, the industry can be bifurcated into commercial and household.
  • The distribution channels for decorative lighting include offline and online.
  • The regional markets for decorative lighting include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing trend of interior designing to enhance the aesthetics of commercial and domestic buildings is increasing the demand for decorative lighting, hence aiding the market growth.
  • The market growth can be attributed to the rising demand for LED decorative lighting due to its energy-efficiency and cost-effectiveness. 
  • The growing demand for bedroom decorative lighting to enhance comfortability and visual appeal is augmenting the industry growth.
  • The rising demand for smart decorative lighting that can automate the intensity of light while boosting energy-efficiency is propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for decorative lighting for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for light sources, products, end uses, distribution channels, and major regions of decorative lighting.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global decorative lighting market are Acuity Brands Lighting Inc., Maxim Lighting International, Inc., Generation Lighting, Savant Systems, Inc., and Lowe's Companies, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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