Market Trends of Decorative Lighting Industry
This section covers the major market trends shaping the Decorative Lighting Market according to our research experts:
LED Source of Lights Dominated the Decorative Lighting Market
The growth of the LED segment is attributed to the regulatory policies made by governments all over the world to conserve resources. These products are replacing traditional light sources, as consumers in the market started using art lamps, chandeliers, and fixtures. To make use of LED sources of light and replace conventional methods, LED filament also entered the market to fill the gaps. Additionally, these products are more energy-efficient, save more energy than other sources, control the intensity of light, and are also environment-friendly as they do not contain mercury. Most of the innovations in the market, in terms of smart lighting solutions, are taking place in the use of LED light sources.
North America Held the Largest Share in the Market, while Asia-Pacific is the Fastest Growing Market
North America accounted for over 35% share in the global market revenues in 2018. Almost every household in the countries of the region, such as the United States and Canada, has access to electricity, which played a crucial role in the adoption of innovative decorative lights in the region.
Asia-Pacific, on the other hand, is expected to remain a lucrative opportunity in the next few years. Population growth and urbanization in developing economies, such as China and India, are expected to provide an opportunity for lighting fixture companies in the market. Other factors such as the development of tourist destinations by the governments of Maldives, China, India, and Sri Lanka, are also expected to increase the investment in hotels and restaurants, where decorative lights find their major use.
