Published Date: 30-Aug-2023
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According to a new report, published by KBV research, The Global Interior Lighting Market size is expected to reach $115.1 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period.
The Downlighting segment acquired the highest revenue share in the Global Interior Lighting Market by Lighting Effect in 2022, thereby achieving a market value of $39.4 billion by 2030. In the interior lighting market, downlighting is a widely used lighting method. In order to create focused and concentrated illumination, it includes installing light fixtures so that the light is directed downward. The fixtures are typically mounted high up on the walls or the ceiling and are made to cast light downward, emphasizing certain areas or objects in a room. Pendant lights, track lights, recessed lights, and other lighting fixtures can all be used for downlighting.
The Chandeliers segment is showcasing a CAGR of 6.2% during (2023 - 2030). This is primarily driven by the expansion of the hospitality and tourism sectors due to increased disposable income, particularly among millennials. The market is anticipated to grow significantly due to increased demand for circular and low-hanging chandeliers, among other upscale lighting fixtures, to decorate the dining table area.
The Ambient Lighting segment is generating the maximum revenue share in the Global Interior Lighting Market by Type in 2022, thereby achieving a market value of $40.3 billion by 2030. Ambient lighting is an overall lighting that creates a pleasant and inviting atmosphere in a space. It may also refer to the lighting layout and the fixtures used to provide general illumination throughout a room or space. To avoid startling contrasts and sharp shadows, ambient lighting's primary objective is to spread steady light throughout the area. It creates the general tone and mood of the space, making it suitable for various activities and creating a warm atmosphere.
The Commercial segment has shown a high growth rate of 4.4% during (2023 - 2030). Commercial indoor lighting, particularly streetlights, uses LEDs extensively. LEDs raise the degree of illumination while lowering power usage, which lowers energy expenses. Additionally, they outlast more traditional lighting options like incandescent bulbs and CFLs in terms of lifespan. This increases demand for them among end users who prefer long-term cost savings to CFLs' short-term advantages over conventional bulbs.
The Asia Pacific region dominated the Global Interior Lighting Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $42.8 billion by 2030. The Europe market is anticipated to grow at a CAGR of 4.7% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 4.5% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Lena Lighting S.A., Karice Lighting, Jaquar Group, WLS Lighting Systems, Inc, Wipro Lighting (Wipro Enterprises Private Limited), Trilux Gmbh, EST Lights, ERCO GmbH, Russell Lighting, and Kichler Lighting LLC (Masco Corporation).
By Lighting Effect
By End Use
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