According to the recent report titled ‘Global Decorative Lighting Market Size study, by Product (Chandeliers, Pendants, Sconce, Flush Mount, Others) by Light Source (LED, Fluorescent, Incandescent, Others) by Application (Commercial, Household) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global decorative lighting market accounted for USD 37.97 billion in 2021 and is expected to reach USD 47.02 billion by the end of 2028, progressing at a CAGR of 3.1% over 2022-2028.

The growing effect of social media creators and various home decor web series on customers is raising demand for market expansion. Further, the increasing knowledge of the significance of lighting in setting up the mood of a room is expected to drive global decorative lighting market growth.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/5490063/

The focus on decorative lighting by certain well-known designers has made it easier to incorporate their designs in homes, shops, malls, libraries, hotels, spas, parlors, restaurants, and restrooms, which is further driving industry expansion.

Additionally, good lighting combined with appropriate fixtures helps to create a visually appealing environment. In contemporary decor, decorative lighting fixtures are considered a seamless fusion of functionality and style. A space becomes cozy, hospitable, and functional when the modern decor is carefully picked to go with the wall color, furniture, and floor, thereby fueling the progress of this business sphere.

Worldwide decorative lighting marketplace is segmented into product type, light source, and application spectrum. Based on product type, the market is bifurcated into flush mounts, sconces, chandeliers, pendants, and others.

In terms of light sources, this marketplace is segregated into fluorescent, LED, incandescent, and others. On the basis of the application spectrum, the industry is split into the household and commercial types.

The regional analysis of the business space spans across Asia Pacific, North America, and Europe. Among these, Asia Pacific market is poised to witness lucrative results over the forecast period, due to their rising population and rapid urbanization in emerging nations like China, Philippines, India, Indonesia, Bangladesh, Sri Lanka, and Maldives which have a sizable consumer base for decorative lighting.

Meanwhile, North America market is slated to progress substantially during the assessment period, owing to the widespread availability of electricity facilitating the soaring adoption of innovative decorative lights across the region.

The major companies formulating the competitive landscape of global decorative lighting industry are The Home Depot Inc., Acuity, Signify N.V., Hubbell Incorporated, Generation Brands LLC, Juno, Lowe's Companies Inc., GE Lighting (Savant Systems Inc.), Osram Licht AG, and Amerlux.