The high end lighting global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
High End Lighting Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The high end lighting market size has grown strongly in recent years. It will grow from $18.86 billion in 2023 to $20.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growing acceptance of cutting-edge and contemporary lighting solutions, urbanization, architectural trends, environmental awareness, economic growth.
The high end lighting market size is expected to see strong growth in the next few years. It will grow to $27.10 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to smart home integration, consumer preference for customization, energy efficiency standards, sustainability focus, economic recovery and growth, growth in smart cities. Major trends in the forecast period include technological advancements, design innovations, technological innovation, increased adoption of smart lighting, customization and personalization.
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Scope Of High End Lighting Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
High End Lighting Market Overview
Market Drivers –
The increasing number of smart homes in developing countries is expected to propel the growth of the high-end lighting market going forward. Smart homes refer to residences equipped with internet-connected devices that enable remote control and automation of systems like lighting, heating, security, and entertainment. The increasing number of smart homes in developing countries is driven by rising disposable incomes, greater access to technology, and a growing demand for convenience and energy efficiency. Smart devices use high-end lighting by enabling remote control, customization, and automation of lighting systems to enhance convenience, energy efficiency, and ambiance. For instance, in May 2021, according to a survey conducted by National Public Radio, a US-based non-profit media organization, a study of 1,292 people found that nearly 60 million Americans own a smart speaker, with 29% owning more than one. These devices, which provide news updates and set alarms via voice commands, exceeded expectations in convenience for nearly 60% of users and in usefulness for 52%. Therefore, the increasing number of smart homes in developing countries will drive the high-end lighting market.
Market Trends –
Major companies operating in the high-end lighting market are adopting technologically advanced lighting solutions, such as portable lighting, to offer flexibility, convenience, and versatility for various indoor and outdoor settings. Portable lighting solutions enhance high-end lighting by providing flexibility, allowing users to quickly move and customize lighting setups for different spaces and activities while maintaining the same level of quality and sophistication. For instance, in June 2022, Signify Holding, the Netherlands-based lighting company, launched a range of hue smart lighting products with enhanced flexibility, control, and design options for smart home development. These products include the first fully customizable track lighting and the new smart switch. These products have advanced features such as portable rechargeable lamps and smart switches with sensors for light control, designed for indoor and outdoor use. This enhanced end-user experience improves smart home high-end lighting utility and enhances the customer experience while minimizing the cost of smart home setups.
The high end lighting market covered in this report is segmented –
1) By Type: Light-Emitting Diode Light, High-Intensity Discharge Lamps, Compact Fluorescent Lamps, Fluorescent Lamps, Plug-In Fluorescent, Other Types
2) By Interior Design: Modern, Traditional, Transitional
3) By Application: Wired, Wireless
4) By End User : Commercial, Industrial, Residential, Other End Users
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Regional Insights –
North America was the largest region in the high end lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high end lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the high end lighting market are General Electric Company, LG Corporation, Panasonic Corporation, Honeywell International Inc., Eaton Corporation, Legrand Group, Signify NV, OSRAM GmbH, Hubbell Incorporated, Acuity Brands Lighting Inc., Cree Inc., Lutron Electronics Co. Inc., Electronic Theatre Controls Inc., Kichler Lighting, Tech Lighting LLC, Maxim Lighting, Minka Group, Arteriors Build India Private Limited, Quoizel LLC, Hudson Valley Lighting Group International, Hammerton Inc., Visual Comfort & Co., Hinkley Lighting Inc., Crystorama Lighting, Feiss, Holtkötter Licht GmbH
Table of Contents
1. Executive Summary
2. High End Lighting Market Report Structure
3. High End Lighting Market Trends And Strategies
4. High End Lighting Market – Macro Economic Scenario
5. High End Lighting Market Size And Growth
…..
32. Global High End Lighting Market Competitive Benchmarking
33. Global High End Lighting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The High End Lighting Market
35. High End Lighting Market Future Outlook and Potential Analysis
36. Appendix
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