Interior Lighting Global Market Report 2024

The interior lighting market size has grown strongly in recent years. It will grow from $72.94 billion in 2023 to $77.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth during the historic period can be attributed to the rapid urbanization and development of infrastructure, the high demand for energy-efficient lighting systems, supportive government regulations, widespread use of smart lighting systems, and the rise of e-commerce and online distribution channels.

The interior lighting market size is expected to see strong growth in the next few years. It will grow to $98.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the shift towards home improvement and redesign, the adoption of smart home technologies, the demand for energy efficiency, the integration of smart home and IoT, and the use of decorative lamps in the residential sector. Major trends in the forecast period include advanced lighting technologies, smart lighting innovations, energy efficiency and sustainability, integration of smart lighting, and a shift towards circadian lighting.

The rising prevalence of smart homes in emerging economies is anticipated to drive the expansion of the interior lighting market in the foreseeable future. Smart homes are residences outfitted with internet-connected devices that facilitate remote control and automation of various systems such as lighting, heating, security, and entertainment. This increasing adoption of smart homes in developing nations is fueled by growing disposable incomes, enhanced accessibility to technology, and a heightened demand for convenience and energy efficiency. The necessity for interior lighting stems from its fundamental role in shaping the ambiance, functionality, and visual appeal of indoor spaces, prompting the incorporation of smart technologies to optimize energy usage, convenience, and customization within contemporary residences. For example, a survey conducted by National Public Radio, a US-based non-profit media organization, in May 2021 revealed that approximately 60 million Americans own a smart speaker, with 29% possessing more than one. These devices, facilitating news updates and alarm setting through voice commands, surpassed user expectations in terms of convenience for nearly 60% of users and usefulness for 52%. Hence, the burgeoning prevalence of smart homes in developing nations is poised to propel the interior lighting market forward.

Prominent companies operating within the interior lighting market are concentrating on the development of innovative offerings, such as ambient lighting, to gain a competitive advantage in the industry. Ambient lighting presents homeowners with a convenient and versatile solution to enrich their living spaces, fostering a more personalized and enjoyable environment. For instance, in June 2022, Topaz Lighting Corp., a US-based lighting company, introduced a customizable red, green, and blue (RGB) ambient lighting home décor. This groundbreaking product incorporates a smart lighting system engineered to enhance the ambiance of any space, tailor lighting to match any mood, and elevate the entertainment experience with over 16 million colors, 12 dynamic effects, seven pre-set scenes, and various rhythms synchronized with music, games, and movies.

In February 2022, GE Current, a US-based lighting enterprise, acquired Hubbell's commercial and industrial lighting division for an undisclosed sum. This acquisition by GE Current enables the provision of an extensive range of indoor and outdoor lighting products, bolstering the distribution network and digital tools to better address customer requirements with heightened efficiency. Hubbell is a US-based commercial and industrial lighting entity.

Major companies operating in the interior lighting market are Samsung Electronics Co. Ltd., Panasonic Corporation, Eaton Corporation Plc, Koninklijke Philips N.V., Stanley Black & Decker Inc., Signify Holding B.V., Osram Licht AG, Hubbell Inc., Acuity Brands Inc., Hafele Gmbh & Co., Havells India Ltd., Zumtobel Group AG, Cree Lighting USA LLC, Lutron Electronics Co. Inc., Thorn Lighting Ltd., GE Lighting, Kichler Lighting LLC, Tech Lighting LLC, Craftmade International Inc., WAC Lighting, Quoizel Inc., Hinkley Lighting Inc., Sea Gull Lighting, Maxim Lighting International Inc., Lighting New York, Csl Lighting Inc., Murray Feiss Light.

Asia-Pacific was the largest region in the interior lighting market in 2023. The regions covered in the interior lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the interior lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Interior lighting involves the use of artificial illumination within buildings to improve visibility, set the mood, and meet functional needs. It includes various lighting fixtures and systems strategically placed throughout interior spaces to provide sufficient light for different activities, tasks, and aesthetic purposes.

The main types of interior lighting are general lighting, ambient lighting, task lighting, mood lighting, and accent lighting. General lighting serves as the primary illumination in a space, offering uniform light for overall visibility and functionality. The lighting effects include downlighting, uplighting, wall washing, wall grazing, spotlighting, and perimeter lighting, among others, for applications such as residential, commercial, and more.

The interior lighting research report is one of a series of new reports that provides interior lighting market statistics, including the interior lighting industry's global market size, regional shares, competitors with an interior lighting market share, detailed interior lighting market segments, market trends and opportunities, and any further data you may need to thrive in the interior lighting industry. This interior lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The interior lighting market consists of sales of lighting fixtures, bulbs, recessed lighting, and wall sconces. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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