Global Interior Lighting Market to Reach $115.1 Billion by 2030, Driven by Rising Adoption of Decorative Lamps and Smart Lighting Systems
Wednesday, September 20, 2023
DUBLIN, Sept. 14, 2023 /PRNewswire/ -- The "Global Interior Lighting Market Size, Share & Industry Trends Analysis Report By Lighting Effect, By Product, By Type, By End Use (Commercial, Residential, and Industrial), By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
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The global interior lighting market is expected to witness substantial growth, reaching a projected value of $115.1 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
This market growth is driven by various factors, including the increasing use of decorative lamps in the residential sector and the growing emphasis on creating visually appealing and energy-efficient lighting systems.
Decorative lamps, which generated $6.5 billion in revenue in 2022, have become a popular choice in residential settings. People are increasingly focused on enhancing the aesthetics of their homes, and decorative lighting plays a significant role in creating visually interesting spaces. Lighting not only affects the perceived size of a room but also contributes to the overall ambiance and atmosphere. Modern decor now considers lighting fixtures as a seamless blend of design and functionality, creating warm, inviting, and functional environments.
Several factors are influencing the interior lighting market's growth:
-- Demand for Energy-Efficient Lighting: There is a growing need for
energy-efficient lighting systems, driven by environmental concerns and
rising energy costs. Supportive government regulations are also
encouraging the adoption of energy-efficient lighting solutions.
-- Rise of Smart Lighting Systems: Smart lighting systems are gaining
popularity due to their ability to provide control and automation over
lighting products. These systems, which are often part of the Internet
of Things (IoT), allow users to control lighting components through
mobile apps. As a result, the market for smart lighting is expected to
expand significantly.
-- Security Concerns with IoT Smart Lighting: While IoT-connected lighting
offers convenience, it also poses security challenges. Connected lights
create a network of LED fixtures, and if not properly secured, hackers
could potentially gain access to sensitive data or even control elements
of a smart home. Security concerns could potentially hamper market
expansion.
The growing global population is contributing to increased residential and commercial construction, leading to a higher demand for electricity. Many countries are focusing on phasing out inefficient lighting sources, such as incandescent bulbs, in favor of energy-efficient alternatives like LED lighting. LED lights are known for their long lifespan, cost-saving benefits, and high efficiency.
Key Market Segments:
-- Lighting Effect: The market is segmented by lighting effect, including
downlighting, perimeter lighting, wall grazing, uplighting,
spotlighting, and others.
-- Product: Products in the market include ceiling lights, chandeliers,
pendant lights, recessed and surface-mounted lights, wall lights,
decorative lamps, clamp lights, track lights, spots and spotlights, and
others.
-- Type: Lighting types encompass ambient lighting, accent lighting, task
lighting, general lighting, and mood lighting.
-- End-use: The market caters to commercial, residential, and industrial
sectors.
Companies Mentioned
-- Lena Lighting S.A.
-- Karice Lighting
-- Jaquar Group
-- WLS Lighting Systems, Inc
-- Wipro Lighting (Wipro Enterprises Private Limited)
-- Trilux Gmbh
-- EST Lights
-- ERCO GmbH
-- Russell Lighting
-- Kichler Lighting LLC (Masco Corporation)
For more information about this report visit https://www.researchandmarkets.com/r/6rir1c
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