Europe Decorative Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Decorative Lighting Market in Europe is expected to reach a CAGR of 2.8% during the forecast period. The rising popularity of LED lighting as an energy-efficient and green solution drives new lighting concepts and lamp designs in the region. On top of that, the "home sweet home" trend is driving the market growth for decorative lighting to enhance room ambiance.

• The industry is closely linked to economic conditions. When economic circumstances and prospects are dim, consumers postpone buying non-essential items or opt for cheaper ones. Conversely, when economic conditions are favorable, private consumption expenditure and purchases of non-essential home accessories surge.
• Furthermore, companies in the region are launching new products to cater to consumer demands in design, energy efficiency, applications, and other functionalities. In August 2020, for instance, Osram semiconductor of Germany launched a new Synios S 2222 product series with a compact size, high brightness value, and wide color range of light source. The Synios S 2222 product line comes in six different colors, providing high-quality personalized lighting solutions for different application scenarios such as architectural lighting.
• The home care and decor industry has been witnessing fluctuating growth since the spread of COVID 19 pandemic. As a result, there is a decline in overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. For instance, Frankfurt's Light + Building become the latest design fair to be postponed over coronavirus fears and took place in September 2020 instead of March 2020. The show, which describes itself as "the world's leading trade fair for lighting and building-services technology," was due to take place in the German city from 8 March to 13 March. Such delays and change in priorities at the consumer end in terms of area of expenditure has impacted the decorative lighting industry in Europe negatively.

Scope of the Report

The report complete background analysis of Europe's decorative lighting market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report.

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Key Market Trends

Growing focus on energy-efficient ambient lighting and LED-based lights ​

• The demand for lighting control requirements for indoor spaces like residential buildings increases at unanticipated rates, as a considerable number of homes are transitioning to smart home technologies. This is further driving the ancillary demand for LED lighting products in several households.​
• In the current market scenario, the advanced residential LED lights can be used for various applications and are equipped with dimming, color-temperature tuning, and RGB color changing options, which are ideal for changing the atmosphere in the consumer's home. Moreover, several market players are prolifically investing in research and development to innovate and improve their product offerings. ​
• For instance, in September 2020, the long-established Italian decorative lighting company formerly known as Studio Italia Design announced the unveiling of Easy Peasy by Design Curator Luca Nichetto and Random Solo by design collaborator Chia-Ying Lee.
• In addition to this, the European Union and Canada are among countries and regions that have upgraded lighting standards, which is another significant factor shifting the residential consumer's affinity towards more efficient products like LED lighting.​
• Moreover, the European government rolled out a Housing Renovation Programme to reduce the energy consumption of buildings, one of the flagships of the European Green Deal launched in September 2020. Such initiatives are also supporting the growth of decorative lightings in the region.
• Overall, the rapid urbanization and the increasing construction activities in the commercial sectors of different countries are expected to fuel the studied market demand in the foreseen period. However, with the onset of the COVID-19 pandemic, the short-term forecast indicates a decline in demand as several commercial constructions halted temporarily. ​

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