According to a new report, published by KBV research, The Global Interior Lighting Market size is expected to reach $122.59 billion by 2031, rising at a market growth of 5.3% CAGR during the forecast period.
The Downlighting segment is leading the Global Interior Lighting Market by Lighting Effect in 2023; thereby, achieving a market value of $41.6 billion by 2031. Downlights provide uniform illumination, making them ideal for general lighting needs in areas such as kitchens, living rooms, offices, and retail outlets. Their modern, sleek design integrates seamlessly into ceilings, appealing to contemporary architectural and interior design trends. Moreover, advancements in LED technology have rendered downlights more energy-efficient, durable, and economically viable, in accordance with the increasing focus on sustainable and environmentally friendly building practices, thereby significantly driving the growth of this segment.
The Chandeliers segment is anticipating a CAGR of 3.4% during (2024 - 2031). Chandeliers are widely used in residential settings, hotels, and banquet halls to enhance the aesthetic appeal and elegance of spaces. The increasing demand for premium and customizable designs, including contemporary and minimalist styles, has expanded the demand for chandeliers. Moreover, the integration of energy-efficient LEDs and dimmable features into chandeliers has made them a more sustainable option, catering to both traditional and modern design preferences.
The Residential segment is generating maximum revenue in the Global Interior Lighting Market by End Use in 2023, thereby, achieving a market value of $71.83 billion by 2031. Homes, apartments, condominiums, and other types of residential dwellings all employ residential lighting fixtures and systems. Numerous areas of a house, including bedrooms, living rooms, kitchens, hallways, and outside areas like patios or gardens, are lit by residential end-use lighting. The practical, aesthetic, and ambiance requirements of home spaces are met by these lighting fixtures, which are manufactured to order. These fixtures come in a range of shapes, sizes, hues, and lighting types (including incandescent, fluorescent, and LED) to satisfy homeowners' different tastes and lighting requirements.
The Accent Lighting segment is anticipating a CAGR of 5.6% during (2024 - 2031). This segment is widely used in art galleries, museums, retail spaces, and high-end residential projects to draw attention to artwork, merchandise, or decorative elements. The increasing integration of smart accent lighting systems, offering adjustable brightness and colors, has made these solutions popular among tech-savvy consumers and designers. Growing trends in luxury interiors and personalized decor further propel the demand for accent lighting.
Full Report: https://www.kbvresearch.com/interior-lighting-market/
The Asia Pacific region dominated the Global Interior Lighting Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $46.8 billion by 2031. The Europe region is experiencing a CAGR of 4.9% during (2024 - 2031). Additionally, The North America region would exhibit a CAGR of 4.7% during (2024 - 2031).
By Lighting Effect
By Product
By Type
By End Use