A report by Grand View Research, Inc. indicates that the global high-end lighting market is expected to grow to $24.32 billion by 2025. According to the research, the increasing demand for connected lighting systems has been a major factor driving market growth, with major technological innovations such as connected, dimmable, colour-changing, and sensor-enabled lighting contributing to the increase.
In 2016, commercial high-end lighting accounted for over 32% of market share. Residential high-end lighting retains its leadership position with the largest market share, and industrial high-end lighting is anticipated to grow exponentially due to to increasing industrial lighting standards and regulations.
When looking at interior design, the report found that transitional lighting accounted for largest market share in 2016. “The interior design market is slowly moving from transitional to modern interiors, thus the market for modern high-end lighting is anticipated to grow at the highest rate over the forecast period. However, traditional high-end lighting is projected to witness a steep fall in the overall high-end lighting market owing to the rising number of smart homes and smart city projects,” the report states.
“The introduction of LEDs in recent years has changed the market dynamics for high-end lighting, which was previously dominated by conventional lights such as fluorescent lights, halogen and incandescent lamps. Governments have taken initiatives for the adoption of LEDs in order to save energy and reduce environmental pollution, which is further anticipated to boost the market growth for high-end lighting.”
The wired segment accounted for a larger market share in 2016 and is expected to dominate the market over the forecast period. However, the market for wireless high-end lighting is projected to grow at a high rate owing to technological advancements and features such as remote controlled operations via smartphone, dimming and colour changing, as well as Wi-Fi and Bluetooth connectivity. Wireless lighting is easier to install without damaging interiors and is more efficient than the wired alternative, so the demand for wireless high-end lighting is expected to show growth as well.
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