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Decorative Lighting Market to Grow by USD 8.65 Billion from 2024-2028, Driven by Premiumization from Evolving Product Design, with AI Redefining the Market Landscape - Technavio
NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Global Decorative Lighting Market size is estimated to grow by USD 8.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.52% during the forecast period. Evolving lighting product design concept leading to premiumization is driving market growth, with a trend towards increasing use of smart lighting systems. However, perceived value gap of customers poses a challenge - Key market players include Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Capital Lighting Fixture Co., Crenshaw Lighting, Current Lighting Solutions LLC, Fagerhults Belysning AB, Feit Electric Co. Inc., Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Jaquar India, Lowes Co. Inc., Maxim Lighting International, OSRAM Licht AG, Shimera Project Lighting Pvt. Ltd., Signify NV, and Voylite. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report Decorative Lighting Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 4.52% Market growth 2024-2028 USD 8651.1 million Market structure Fragmented YoY growth 2022-2023 (%) 4.25 Regional analysis APAC, Europe, North America, South America, and Middle East and Africa Performing market contribution APAC at 49% Key countries China, US, Germany, Japan, and UK Key companies profiled Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Capital Lighting Fixture Co., Crenshaw Lighting, Current Lighting Solutions LLC, Fagerhults Belysning AB, Feit Electric Co. Inc., Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Jaquar India, Lowes Co. Inc., Maxim Lighting International, OSRAM Licht AG, Shimera Project Lighting Pvt. Ltd., Signify NV, and Voylite Market Driver The Decorative Lighting Market is experiencing growth due to the increasing adoption of smart lighting systems. These systems, which integrate IoT technology, enable users to control lighting products via mobile apps and voice-activated assistants. Smart LEDs, a key component of these systems, are driving this trend as vendors focus on LED technology. Philips Hue, a notable player, offers a range of smart lighting products including bulbs, lamps, and strips, controllable via Wi-Fi, Bluetooth, and voice assistants like Alexa, Siri, Google Assistant, and Cortana. This technology allows users to customize lighting experiences, controlling colors and syncing with media. The market's expansion is expected to continue during the forecast period. The decorative lighting market is experiencing significant growth, with various types of lighting gaining popularity. Wall mounted and ceiling lights are trending, offering functional and aesthetic value. Flourescent and LED lights are favored for their energy efficiency and longevity. Bulk purchases and custom orders are common in this industry. The use of fiber optic and RGB lights adds a unique touch to interiors and exteriors. Decorative lighting is a crucial element in creating inviting and visually appealing spaces. The market is expected to continue growing, driven by technological advancements and consumer demand. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges The decorative lighting market is highly fragmented, with numerous international and regional brands catering to residential customers. Superior quality and unique designs are key customer demands, as this market prioritizes aesthetics over brand recognition. Retailers offer diverse designs, making the market more design-driven. Price is a major consideration for customers, leading to a high-value gap and challenging established brands to lower prices, potentially hindering market growth.The Decorative Lighting Market faces several challenges in the current business landscape. Decorative lights, such as functionality, design, and color, play a crucial role in creating ambiance and enhancing the aesthetic value of spaces. However, the increasing competition and the need for cost-effective solutions pose a challenge. Decorative lights require a decent amount of energy to function, leading to higher rbills. Additionally, the trend towards sustainable and eco-friendly solutions is growing, making it necessary for decorative lighting manufacturers to adapt and offer energy-efficient alternatives. Another challenge is the rapid technological advancements, including smart lighting and voice control, which require significant investment in research and development. Overall, the decorative lighting market must balance design, functionality, and sustainability to meet the evolving needs and preferences of consumers. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This decorative lighting market report extensively covers market segmentation by Distribution Channel1.1 Offline1.2 OnlineProduct 2.1 Ceiling2.2 Wall mounted2.3 OthersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Offline- The decorative lighting market primarily relies on offline sales channels, including retail formats such as specialty stores, furniture stores, department stores, DIY stores, hypermarkets, and wholesalers. Builders and contractors also purchase decorative lights from these sources. Customers prefer retail lighting stores for personalized assistance and product insights, leading to increased sales. Wholesalers, contractors, and distributors cater to the needs of builders of residential apartments. This offline distribution strategy will continue to drive growth in the decorative lighting market. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis The Decorative Lighting Market encompasses a wide range of lighting fixtures designed to enhance Room ambiance and complement Modern décor. Producers focus on Functionality and Design, offering various options such as Fiber fixtures, Ceramic, Glass, Bamboo, Carved wood, and LED filament or LED light solutions. Decorative lighting comes in various forms, including LED decorative lighting, incandescent decorative, pendants, string lights, tape lights, lamps, and wireless technology-enabled smart lighting systems. Energy efficiency is a key consideration, with rising disposable income driving demand for energy-efficient decorative options. Service quality is paramount, with offerings including flush mount, sconce lightings, and ceiling lighting solutions. Market Research Overview The Decorative Lighting Market encompasses a wide range of lighting fixtures designed to enhance interior and exterior spaces for aesthetic and functional purposes. These lighting solutions include wall lights, floor lamps, table lamps, chandeliers, and more. Decorative lighting is often used to create mood, highlight specific areas, and add visual interest to living spaces. Materials used in decorative lighting can vary from glass, metal, plastic, and fabric, among others. LED technology is increasingly popular due to its energy efficiency and long lifespan. Smart technology integration allows users to control lighting through apps or voice commands, adding convenience and customization options. Decorative lighting is a growing market, driven by consumer demand for unique and innovative designs, as well as the ongoing shift towards energy-efficient solutions. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Distribution ChannelOfflineOnlineProductCeilingWall MountedOthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix 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 17,000 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. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/decorative-lighting-market-to-grow-by-usd-8-65-billion-from-2024-2028--driven-by-premiumization-from-evolving-product-design-with-ai-redefining-the-market-landscape---technavio-302261957.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs
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LED Grow Lights Market to Grow by USD 11.32 Billion (2024-2028), Indoor Farming Drives Revenue Growth, AI Redefining Market Landscape - Technavio
NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global light-emitting diode (LED) grow lights market size is estimated to grow by USD 11.32 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 39.04% during the forecast period. Growth in indoor farming is driving market growth, with a trend towards innovation and investments in greenhouse horticulture startups. However, high installation and setup costs poses a challenge. Key market players include Advanced Grow Lights American Co., Biological Innovation and Optimization Systems LLC, Black Dog Grow Technologies Inc., Bridgelux Inc., Controlled Environments Ltd., Dool Industries, General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., OSRAM Licht AG, Samsung Electronics Co. Ltd., SANlight GmbH, Senmatic AS, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., and Valoya Oy. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Application (Commercial greenhouses, Vertical farming, Indoor farming, and Others), Power Rating (Low power (lesser than 100 W), Medium power (100-300 W), and High power (greater than 300 W)), and Geography (Europe, North America, APAC, South America, and Middle East and Africa) Region Covered Europe, North America, APAC, South America, and Middle East and Africa Key companies profiled Advanced Grow Lights American Co., Biological Innovation and Optimization Systems LLC, Black Dog Grow Technologies Inc., Bridgelux Inc., Controlled Environments Ltd., Dool Industries, General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., OSRAM Licht AG, Samsung Electronics Co. Ltd., SANlight GmbH, Senmatic AS, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., and Valoya Oy Key Market Trends Fueling Growth The urban population's shifting dietary preferences towards fresh produce and the rise of urban agriculture have fueled the demand for advanced farming techniques. Rooftop greenhouses, which utilize hydroponics and aeroponics methods and do not require farmlands or open spaces, have emerged as a promising solution. These innovative farming methods have led to the development of zero-acreage farming, which is gaining popularity in urban areas due to limited land availability. To increase efficiency and productivity, greenhouse automation through the use of robots in harvesting and packing processes is on the rise. Startups, such as BrightFarms in the US, are leading the way in this technological advancement, having raised over USD200 million in funding and partnering with major retailers like Ahold Delhaize, Kroger, and Walmart. These collaborations are expected to significantly contribute to the growth of the global LED grow lights market, as these advanced farming techniques rely heavily on energy-efficient LED lighting for optimal plant growth. The global LED grow light market is experiencing significant growth due to the increasing trend towards indoor farms, greenhouses, and vertical farms for sustainable agriculture. These agricultural techniques require controlled environments with optimal light conditions for plant growth. Traditional lighting sources like fluorescent lights, incandescent lamps, and High Intensity Discharge (HID) are being replaced by energy-efficient LED grow lights. LED technology offers customizable spectrum and light intensity, which is essential for photosynthesis and crop yield. With food insecurity and urbanization leading to a decrease in arable land, LED grow lights are becoming increasingly important for commercial greenhouses and hydroponic systems. LEDs consume less electricity compared to traditional lighting, making them an economical choice for indoor gardening and research purposes. The market for LED grow lights includes new installations and retrofits, with smart LED and WiFi lighting gaining popularity for their environmental factors and ease of use. Additionally, LED grow lights are used in turf and landscaping and have applications in environmental research. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges LED grow lights, an efficient alternative to High-Pressure Sodium (HPS) lights, offer superior performance due to a large number of diodes. However, the high cost of these diodes increases the price of LED grow lights, limiting their use to large-scale urban farming operations. Vendors, such as Kind LED Grow Lights and Grow Technologies, invest in research and development to create more luminous and durable LED grow lights, increasing their retail price. For instance, Kind LED Grow Lights' K5 XL 100 grow light offers an adjustable spectrum output for each growth stage. While premium LED grow lights can cost around USD2,000, such as those from Kind LED Grow Lights, Phytomax-2 1000 from Grow Technologies retails for approximately USD1,700. The high price point may hinder the adoption of LED grow lights by small-scale indoor farmers, potentially impacting the global LED grow lights market growth during the forecast period.The global LED grow light market is witnessing significant growth due to the increasing demand for fresh produce in urban areas and the need to address food insecurity and crop yield challenges. Urbanization and the limited availability of arable land have led to the adoption of vertical farming and hydroponic systems. LED grow lights offer customizable spectrum and intensity, making them ideal for indoor farming and greenhouse applications. However, challenges such as electricity consumption, installation types, and environmental factors require continuous research and innovation. LED technology, including smart WiFi lighting and high power LED, offers energy efficiency and long-lasting solutions, making it a preferred choice over traditional lighting like halogens and fluorescent lighting. Eco-friendly technologies and energy-efficient lights are essential for sustainable agriculture and reducing power consumption. New installation and retrofit opportunities exist in indoor farming, turf and landscaping, and research purposes. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This light-emitting diode (led) grow lights market report extensively covers market segmentation by Application 1.1 Commercial greenhouses1.2 Vertical farming1.3 Indoor farming1.4 OthersPower Rating2.1 Low power (lesser than 100 W)2.2 Medium power (100-300 W)2.3 High power (greater than 300 W)Geography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa 1.1 Commercial greenhouses- Commercial greenhouses, featuring transparent roofs made of materials like glass, enable year-round production of fruits, flowers, and vegetables. Operators are expanding their use of LED grow lights, initially accounting for approximately 25% of total greenhouse space. For instance, Sterling Suffolk's extension of lit area with LEDs promises high-yield, continuous tomato production. Lufa Farms, a Montreal-based food supplier, transformed a former Sears headquarters into an urban food ecosystem, integrating a rooftop greenhouse, distribution center, and indoor farm. Lufa Farms cultivates over 75 vegetables year-round using hydroponics and LED grow lights. The global increase in greenhouse adoption is expected to fuel the demand for LED grow lights in the forecast period. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The global LED grow light market is experiencing significant growth due to the increasing adoption of indoor farming, greenhouses, vertical farms, and controlled environment agriculture. These farming methods require optimal light conditions for plant growth, making LED grow lights an ideal solution. LED grow lights offer advantages such as energy efficiency, customizable light spectrum, and adjustable light intensity. They are increasingly being used in horticulture, hydroponics, commercial greenhouses, and urban farming. The market includes various types of LED grow lights, including smart LED, retrofit installations, and new installations. Traditional lighting technologies like fluorescent lights, halogens, and high-power LEDs are being replaced by low-watt LEDs for their energy efficiency and ability to optimize plant growth. The market is also driven by the growing trend towards sustainable agriculture and smart greenhouses, as well as research purposes. Smart WiFi lighting is also gaining popularity for its ease of use and ability to be controlled remotely. Power consumption is a key consideration in the market, with energy efficiency being a major selling point for LED grow lights. Overall, the LED grow light market is expected to continue growing due to its ability to provide optimal growing conditions for plants in various farming environments. Market Research Overview The global LED grow light market is experiencing significant growth due to the increasing adoption of indoor farming, greenhouses, and vertical farms for sustainable agriculture and controlled environment agriculture. These farming methods are essential in addressing food insecurity caused by urbanization and the loss of arable land. LED grow lights, with their energy efficiency and customizable spectrum, offer an eco-friendly alternative to traditional lighting methods such as fluorescent lights, incandescent lamps, High Intensity Discharge (HID), and even halogens. LED technology enables optimal plant growth by providing the right light spectrum and intensity for photosynthesis, resulting in higher crop yield. The market caters to various installation types, including new installations and retrofits, and is used in horticulture, hydroponics, smart greenhouses, and even turf and landscaping. With their long-lasting nature and energy efficiency, LED grow lights are becoming an essential tool for agricultural techniques in various environmental factors, from indoor gardening to research purposes. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ApplicationCommercial GreenhousesVertical FarmingIndoor FarmingOthersPower RatingLow Power (lesser Than 100 W)Medium Power (100-300 W)High Power (greater Than 300 W)GeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix 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 17,000 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. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/led-grow-lights-market-to-grow-by-usd-11-32-billion-2024-2028-indoor-farming-drives-revenue-growth-ai-redefining-market-landscape---technavio-302262050.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs
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Recent market reports highlight substantial growth projections for both decorative lighting and LED grow lights sectors, driven by premiumization and indoor farming trends respectively.
The global decorative lighting market is set to illuminate the industry with a projected growth of USD 8.65 billion from 2024 to 2028, according to a recent market analysis. This expansion is primarily attributed to the increasing trend of premiumization in home decor and lighting solutions 1.
As consumers seek to enhance their living spaces with sophisticated and aesthetically pleasing lighting options, manufacturers are responding with innovative designs and high-quality products. The market is witnessing a surge in demand for unique, customizable lighting fixtures that serve both functional and decorative purposes.
Parallel to the decorative lighting sector, the LED grow lights market is forecasted to flourish, with an expected growth of USD 11.32 billion during the same period (2024-2028) 2. This substantial increase is largely driven by the rising popularity of indoor farming and the increasing adoption of controlled environment agriculture practices.
LED grow lights have become essential for urban farming initiatives, vertical farming setups, and year-round crop production. Their energy efficiency, customizable spectrum, and long lifespan make them ideal for optimizing plant growth in indoor environments.
Both markets are benefiting from rapid technological advancements. In the decorative lighting sector, smart lighting solutions with IoT integration are gaining traction, allowing users to control ambiance and energy consumption through mobile apps or voice commands.
For LED grow lights, improvements in light spectrum customization and intensity control are enhancing crop yields and quality. Manufacturers are developing sophisticated systems that can mimic natural sunlight patterns and adjust to specific plant needs throughout their growth cycles.
While growth prospects are bright, both markets face challenges. The decorative lighting industry must navigate issues of sustainability and energy efficiency regulations. Meanwhile, the LED grow lights sector needs to address the high initial investment costs that may deter smaller-scale farmers.
However, these challenges also present opportunities for innovation. Companies that can develop eco-friendly, energy-efficient decorative lighting solutions or cost-effective, high-performance LED grow lights are likely to gain a competitive edge in their respective markets.
Geographically, both markets are seeing significant growth across various regions. North America and Europe are leading in the adoption of premium decorative lighting, while Asia-Pacific is emerging as a key player in the LED grow lights market, driven by rapid urbanization and the need for sustainable food production methods.
As these markets continue to evolve, they reflect broader trends in consumer preferences, technological innovation, and sustainable development practices. The projected growth in both sectors underscores the dynamic nature of the lighting industry and its pivotal role in both enhancing living spaces and supporting agricultural innovation.
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