High End Lighting Market Size, Share & Trends Analysis growing at a CAGR of 6.0% from 2023 to 2030
The global high end lighting market size was estimated at USD 16.92 billion in 2022 and is projected to reach USD 27.30 billion by 2030, growing at a CAGR of 6.0% from 2023 to 2030. Increasing demand for connected lighting and interior designing is anticipated to be a key factor driving the industry growth. Increasing penetration of smartphones and internet connectivity is growing the demand for connected lighting systems, thus impacting market growth. The demand for fluorescent high-end lights was highest in 2016, although the LED segment is expected to capture huge market share owing to its technological and economical advancements such as high efficiency and brightness level. Owing to the ban on incandescent and HID lights in many countries, their respective market share is witnessing a steep decline over the forecast period.
Key Market Trends & Insights
- Asia Pacific dominated the market with a share of 43.9% in 2022 and is expected to grow at the fastest CAGR during the forecast period.
- Based on application, the market can be segmented into wired and wireless type. Wired segment accounted for the largest revenue share of 68.4% in 2022.
- Based on light source type, the fluorescent light segment accounted for the largest revenue share of 42.2% in 2022.
- Based on interior designs, the market is segregated into modern, traditional, and transitional segments. The transitional segment accounted for the largest revenue share of 41.0% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 16.92 Billion
- 2030 Projected Market Size: USD 27.30 Billion
- CAGR (2023-2030): 6.0%
- Asia Pacific: Largest market in 2022
Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/high-end-lighting-market/request/rs1
The wired segment accounted for maximum market share, whereas by 2025 wireless segment is projected to grow at a higher growth rate. Rising demand for smart and connected homes which allows better user control of all in-house electronics from distant places is contributing to the demand for wireless lighting products.
The market for modern lighting segment is expected to gain traction over the forecast period, owing to increasing demand for smart homes and various smart city projects initiated by the government across the emerging economies.
The residential application segment is anticipated to dominate the high-end product market owing to increased demand for the connected lighting system with high efficiency as compared to the commodity lighting. The industrial segment is projected to witness high growth over the forecast period, increasing standards and regulations related to industrial lighting is boosting the industry growth.
Application Insights
Based on application, the market can be segmented into wired and wireless type. Wired segment accounted for the largest revenue share of 68.4% in 2022. Wired segment constitutes much larger share as compared to the wireless segment as they are much costlier and require strong network connectivity for its operation their market size was low. But eventually, the wireless segment is going to witness exponential growth owing to high technological penetration in developing countries.
The wireless segment is anticipated to grow with the highest CAGR of 8.3% over the forecast period. Wireless lighting offers certain advantages over their wired counterparts such as they can be controlled remotely, they have smartphone application control support and can be dimmed/color changed as per user requirements.
