Global Decorative Lighting Market 2018-2022| Increasing Use of Smart Lighting Systems to Promote Growth| Technavio

Technavio has published a new market research report on the global decorative lighting market from 2018-2022. (Graphic: Business Wire)

LONDON--()--The global decorative lighting market is expected to post a CAGR of around 7% over the period 2018-2022, according to the latest market research report by Technavio.

A key factor driving the growth of the market is the evolving design of lighting products, which is leading to premiumization. The growing demand for luxury decorative lighting products among premium customers has encouraged manufacturers to come up with new and unique designs in this category.

This market research report on the global decorative lighting market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

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In this report, Technavio highlights the increasing use of smart lighting systems as one of the key emerging trends in the global decorative lighting market:

Global decorative lighting market: Increasing use of smart lighting systems

The use of smart lighting systems is increasing in residential places as they offer control over lighting products. Smart lighting systems also integrate the concept of the Internet of Things (IoT), as it helps the customers control the lighting products through apps installed on their mobile devices. Vendors are focusing on such concepts to attract more tech-savvy customers who want to stay up-to-date with the latest technology.

“Smart lighting systems are used in decorative lighting products such as chandeliers, lamps, string or tape lights, and pendants in which smart LEDs are used. For instance, Signify Holding, formerly known as Philips Lighting, came up with Phillips Hue, a smart lighting system that uses wireless technology for smart connectivity. In addition, Philips Hue smart lighting system can be controlled through voice-control platforms such as Amazon Alexa, Siri by Apple, Google Assistant, and Cortana by Microsoft,” says a senior analyst at Technavio.

Global decorative lighting market: Segmentation analysis

This market research report segments the global decorative lighting market by product application (ceiling, wall-mounted, and others) and by geographical regions (APAC, EMEA, and the Americas).

In 2017, the ceiling segment accounted for the largest share of the market with a market share of close to 60%. The market share of this segment is expected to witness a small decline over the forecast period. The wall mounted segment held the second largest share of the market, however, the market share of this segment is expected to decline over the forecast period in favor of the others segment.

APAC held the largest share of the market in 2017 accounting for more than 44% followed by EMEA, and the Americas. The market share of APAC is expected to increase by a further 2% over the forecast period while the other two regions will see a decline in their market share.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market sizing
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global decorative lighting market is expected to post a CAGR of around 7% during 2018-2022, according to the latest research report by Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com