The global decorative lighting market size is expected to grow by USD 6.29 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 4%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Decorative Lighting Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Decorative Lighting Market Analysis Report by Product (Ceiling, Wall-mounted, and Others) and Geography (APAC, Europe, North America, South America, and MEA), and the Segment Forecasts, 2020-2024”.
The market is driven by the growing demand for energy-efficient decorative lighting products. In addition, the evolving lighting product design concept is anticipated to boost the growth of the Decorative Lighting Market.
Globally, customers are seeking lighting products that utilize less energy, are long-lasting, and incur low electricity bills. In addition, the growing awareness of energy-efficient lighting products through government initiatives and distinct activities is encouraging energy conservation. Such factors will influence the demand for energy-efficient decorative lighting products. Thus, manufacturers of decorative lighting products are emphasizing on producing energy-efficient products such as chandeliers, pendant lights, flush mounts, table lamps, and others. For instance, Generation Lighting offers LED products such as Orren Medium LED Chandelier and Ledgend Large LED Outdoor Sconce. These products consume less energy and are long-lasting. Thus, the growing demand for energy-efficient lighting products will drive the growth of the market.
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Major Five Decorative Lighting Companies:
AB Fagerhult has its business operations under four segments: Northern Europe; UK and Ireland; Western and Southern Europe; and Africa, Asia, and the Pacific. The company offers decorative lighting under the brands, Zkye 55 Pendant, Notor 65 Opal Wall, Skywalker, and other brands.
Acuity Brands Inc.
Acuity Brands Inc. operates under a single business unit through which it conducts the sale of its products and develops solutions. The company offers decorative lighting under the brand, Lithonia Lighting.
Bridgelux Inc. offers indoor and outdoor LED lighting solutions for a number of industries including retail, hospitality, and healthcare among others. The company offers decorative lighting under the brand, Bridgelux Décor Series.
General Electric Co.
General Electric Co. has business operations under four segments: power, renewable energy, aviation, and healthcare. The company offers decorative lighting under the brands, GE LED, GE HD Relax, and others.
Generation Lighting offers various products such as chandeliers, pendants, flush mounts, table lamps, floor lamps, fans, and other products. The company offers decorative lighting under the brands, Beckham Classic Sconce, Capri Sconce, Beckham Modern Sconce, and others.
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Decorative Lighting Market Product Outlook (Revenue, USD bn, 2020-2024)
Ceiling – size and forecast 2019-2024
Wall-mounted – size and forecast 2019-2024
Others – size and forecast 2019-2024
Decorative Lighting Market Regional Outlook (Revenue, USD bn, 2020-2024)
APAC – size and forecast 2019-2024
Europe – size and forecast 2019-2024
North America – size and forecast 2019-2024
South America – size and forecast 2019-2024
MEA – size and forecast 2019-2024
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