Global Decorative Lighting Market 2017-2021
About Decorative Lighting
The demand for energy-efficient and reliable LED technology is a growth driver for the manufacturers who are now concentrating more on manufacturing LED decorative lighting products. Various LED decorative lighting products like LED lamps, LED pendant lights, and LED wall lights(sconces) are available in the market. Buyers are at present increasingly opting for premium decorative lights. The use of decorative lights in commercial areas is increasing because they help to create an attractive ambiance. These lights have also become necessary for the hospitality sector and retail outlets. This creates the demand for decorative lighting products in the market.
Technavio’s analysts forecast the global decorative lighting market to grow at a CAGR of 6.30% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global Decorative Lighting market for 2017-2021. To calculate the market size, the report considers the value sales of decorative lighting products.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Decorative Lighting Market 2017-2021
Technavio recognizes the following companies as the key players in the global decorative lighting market: Acuity Brands Lighting, General Electric, Generation Brands, Koninklijke Philips, and Maxim Lighting.
Other Prominent Vendors in the market are: ACCESS LIGHTING, Diamond Life Group, EGLO Leuchten, Elstead Lighting, Estiluz Lighting, Franklite, HUAYI LIGHTING, JH Miller, LUMINAIRES GROUP, Vast china lighting manufacture, and Zumtobel Group.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is evolution of smart lighting system. The use of smart lighting system is growing in commercial and residential places as it provides smart control over the lighting products. These smart lighting systems also involve the concept of IoT. This helps customers control lighting products through their smartphones and mobile applications. The manufacturers are investing in such concepts to attract customers who want to keep themselves more updated. Such smart lighting products are expected to increase with the LED technology. This is because some manufacturers are focusing on the production of LED smart lights as they are energy-efficient and convenient for customers.”
According to the report, one of the major drivers for this market is innovations in technology. LED and CFL lights are innovations in the field of lights. However, the adoption of LEDs is more than CFL among customers as they are reliable, long lasting, cost-effective, and energy-efficient. Such technological innovations act as a growth driver for LED light manufacturers.
Further, the report states that one of the major factors hindering the growth of this market is value gap in decorative lighting products. The global decorative lighting market is very fragmented and offers numerous types of lights for commercial and residential use. Customers demand good quality and innovatively designed lights because these lights add to the charm of a place. The consideration of brands is low in this market as it is not a brand driven market. However, different retailers may offer various designs, which makes this a more design-driven market. Moreover, product differentiation in this market is low as almost all retail outlets sell the same products.
Acuity Brands Lighting, General Electric, Generation Brands, Koninklijke Philips, Maxim Lighting, ACCESS LIGHTING, Diamond Life Group, EGLO Leuchten, Elstead Lighting, Estiluz Lighting, Franklite, HUAYI LIGHTING, JH Miller, LUMINAIRES GROUP, Vast china lighting manufacture, and Zumtobel Group.