Lamp Market to Grow with a CAGR of 4.6% Globally through 2028
Increasing
urbanization and infrastructure development and rising importance of aesthetics
in interior design are factors driving the global lamp market in the forecast
period 2024-2028.
According to
TechSci Research report, “Global Lamp Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the global lamp
market stood at USD13.21 billion in 2022 and is anticipated to grow with a CAGR
of 4.6% in the forecast period, 2024-2028. The global decorative lamp market
has witnessed significant growth in recent years, driven by changing consumer
preferences, technological advancements, and a growing emphasis on interior
decor. Decorative lamps are no longer viewed solely as sources of illumination;
they have evolved into artful pieces that enhance the aesthetics and ambiance
of homes, offices, and commercial spaces. This market encompasses a diverse
range of decorative lamp types, including table lamps, floor lamps, pendant
lamps, chandeliers, and wall sconces, each catering to specific design
preferences and applications.
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One of the key
factors fueling the growth of the global decorative lamp market is the rising
interest in personalized and aesthetically pleasing interior spaces. Consumers
are increasingly looking for lighting solutions that not only provide
functional illumination but also complement their home or office decor. This
shift in consumer sentiment has prompted manufacturers to focus on innovative
and artistic lamp designs that resonate with various interior styles, from
modern and minimalist to classic and ornate.
The global reach
of e-commerce has further accelerated the accessibility of decorative lamps to
consumers worldwide. Online platforms offer an extensive selection of
decorative lamp designs, making it easier for individuals to explore and select
fixtures that align with their unique tastes and design sensibilities. This
democratization of access has contributed to the growth of the decorative lamp
market by reaching a broader and more diverse customer base.
In addition to
design considerations, sustainability and eco-consciousness have also
influenced the global decorative lamp market. Many consumers are now seeking
eco-friendly and energy-efficient lighting solutions that minimize
environmental impact. As a result, manufacturers are incorporating
energy-efficient LED technology into decorative lamps, reducing energy
consumption and extending the lifespan of these fixtures. Sustainable materials
and production processes are also gaining traction, appealing to
environmentally conscious consumers.
Lighting
technology is a crucial aspect of reading lamps. LED technology has become the
preferred choice for these lamps due to its energy efficiency, longevity, and
ability to provide focused and adjustable lighting. Many reading lamps are
equipped with features like adjustable brightness levels and color temperature
control, allowing users to fine-tune the lighting to their comfort and
preference. This level of customization is especially important for readers who
may require different lighting conditions for various tasks or at different
times of the day.
As a result, the
global decorative lamp market is expanding rapidly due to evolving consumer
preferences, e-commerce accessibility, sustainability considerations, smart
technology integration, and commercial sector demand. Manufacturers are
responding with a diverse range of innovative designs and lighting solutions to
cater to the dynamic and ever-growing demand for decorative lamps.
The global lamp
Market is segmented into product, type, application, sales channel, regional
distribution, and company.
Based on product
the market is divided into desk lamp, floor lamp.
Based on type
the market is segmented
into reading lamp, decorative lamp.
Reading lamps are
characterized by their adjustable features, allowing users to direct the light
precisely where it is needed. This flexibility is vital for achieving optimal
illumination and minimizing glare, making reading lamps highly functional and
practical. Manufacturers have responded by designing reading lamps with
innovative features such as adjustable colour temperature and brightness
settings, ensuring that users can customize their lighting experience to suit
their preferences and needs.
Based on
application the market is further segmented into residential,
commercial.
Based on sales
channel the market is divided into hypermarkets, online, specialty stores, and
others (direct sales, etc.).
Based on region the market is segmented into five regions
Asia Pacific, North America, Europe, Middle East & Africa, and South
America.
Major companies
operating in Global Lamp Market are:
- Osram GmbH
- Inter IKEA B.V.
- Pablo Design
- Koncept Inc.
- Flos S.p.A.
- Signify (Philips
Lighting)
- OttLite
Technologies
- Artemide S.p.A.
- Lutron
Electronics
- Herman Miller
Inc.
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“The commercial
sector has also contributed to the growth of the decorative lamp market.
Businesses, particularly in the hospitality and retail industries, recognize
the importance of creating visually appealing and inviting spaces for their
customers. Decorative lamps play a pivotal role in setting the mood and
enhancing the overall customer experience in these settings. As a result, there
is a growing demand for decorative lighting solutions in commercial spaces,
further driving market growth. Additionally, one of the primary drivers of the
global reading lamp market is the increasing trend of remote work and the
prevalence of home offices. With more people working and studying from home,
the demand for reading lamps has surged.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Lamp Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented By Product (Desk Lamp, Floor
Lamp), By Type (Reading Lamp, Decorative Lamp), By Application (Residential,
Commercial), By Sales Channel (Hypermarkets, Online, Specialty Stores, and
Others (Direct Sales, etc.)), By Region, Competition”, has evaluated
the future growth potential of global lamp market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in the global lamp market.
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