With the emergence and long-term Impact of COVID-19, the Global Interior Lighting Market is to reach USD 118.4 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Interior Lighting Market is poised to raise up to USD 118.4 Billion by 2030. The Interior Lighting encompasses the production, distribution, and installation of lighting solutions specifically designed for indoor spaces. It includes a wide range of lighting products, such as fixtures, lamps, bulbs, and controls, utilized for various purposes such as general illumination, accent lighting, task lighting, and decorative applications. The market caters to residential, commercial, and industrial sectors, offering energy-efficient, aesthetically pleasing, and technologically advanced lighting solutions to enhance the ambience, functionality, and visual appeal of interior spaces.
The Interior Lighting Market is being driven by factors such as technological advancements in smart lighting and integration and an increase in construction and infrastructure development. These lights are mostly used for enhancing the functionality and ambience of indoor spaces. These lights are also used for the interior of commercial as well as residential spaces. The Increasing Construction across the globe results in extended demand for Interior Lights. According to Statista, the size of the global construction market in 2021 was USD 7.3 trillion and is expected to reach USD 10.3 trillion by 2025.
Along with those technological advancements such as LED and smart lighting solutions also driving the market for Interior Lighting Market. According to Statista, the global market for LED in 2022 was USD 97.25 billion and projected to reach USD 160.03 billion by 2026. Thus, increasing construction activities and technological advancement in interior lighting fuel the market growth. In addition, the rising development of smart homes and IoT integration and retrofitting and renovation projects is creating lucrative opportunities for the market. However, the high initial cost of Interior Lighting hinders the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Interior Lighting Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the increasing urbanization that increases the construction of residential as well as commercial buildings in the region. Asia Pacific is also considered as the fastest growing region over the forecast period due to rising disposable income, growing standard of living and increasing demand for energy-efficient lighting solutions in the region.
The global Interior Lighting Market is highly competitive owing to the presence of several key manufacturers such as Est Lights, Lena Lighting S.A., Russell Lighting, Jaquar Group, Kichler Lighting, LLC, WLS Lighting Systems, Inc., and others.
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Global Interior Lighting Market Size study & Forecast, by Lighting Effect (Downlighting, Uplighting, Wall Washing, Wall Grazing, Others), by End Use (Residential, Commercial, Other), by Type (General Lighting, Ambient Lighting, Task Lighting, Mood Lighting, Accent Lighting), by Product (Decorative Lamps, Ceiling Lights, Pendant Lights, Others) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Interior Lighting Market is anticipated to grow with a healthy growth rate of more than 5.1% over the forecast period 2023-2030.
- In the type segment, ambient lighting emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to increasing demand for energy-efficient lighting solutions.
- Asia Pacific is also expected to grow at a high CAGR during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Lighting Effect:
- Wall Washing
- Wall Grazing
- Perimeter Lighting
By End Use:
- General Lighting
- Ambient Lighting
- Task Lighting
- Mood Lighting
- Accent Lighting
- Decorative Lamps
- Ceiling Lights
- Pendant Lights
- Wall Lights
- Clamp Lights
- Spots and Spotlights
- Step Lights
- Track Lights
- Recessed and Surface-Mounted Lights
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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