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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:
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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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