The international decorative lighting market is expected to grow at a CAGR of 7% for the period of 2018 – 2022, as per analysis and forecasts. This calculation was made in a report that was added to researchandmarket.com’s product catalogue and offerings.
This report covers the existing scenario with an in-depth analysis as well as the forecasted compound annual growth rate of 7.1% for the 2018 – 2022 financial period. The market size was calculated by way of study, collection, synthesis and summation of data from multiple sources.
A new trend that is being observed in the market is the increase in the use of smart lighting systems. This increased use of smart lighting systems has mostly occurred in residential settings due to more control over lighting and systems. Smart lighting systems also come integrated with Internet of Things (IoT) protocols. This lets them control the lights and other electronics through apps installed on their smart phones.
Another factor for the general rise in industry is the increase in demand for energy efficient decorative lighting and illumination products. There has been a change in consumer purchase and psyche patterns. There has been an increasing demand for the lighting products that are cheap, smart, look good, consume less amount of energy and incur low amounts in terms of electricity bills. This has also an increase in general awareness with regards to energy consumption and its conservation. The report also mentioned challenge in this scenario and that is the perceived value gap with regards to customers.