Evolving Aesthetics Illuminate Lamps Market: Anticipated $19.69 Billion Valuation by 2030

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Aug 25, 2023, 13:45 ET

DUBLIN, Aug. 25, 2023 /PRNewswire/ -- The "Lamps Market Size, Share & Trends Analysis Report By Product (Desk Lamp, Floor Lamp), By Type (Reading Lamp, Decorative Lamp), By Application (Residential/Retail, Commercial/Hospitality), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global lamps market has been cast under the spotlight, with a projected size of USD 19.69 billion by 2030, riding on a sturdy Compound Annual Growth Rate (CAGR) of 4.8% from 2023 to 2030. This luminous growth is illuminated by shifting consumer preferences and heightened focus on interior aesthetics, fostering an increased demand for floor lamps and desk lamps.

Aesthetic Illumination Takes Center Stage

As interior aesthetics capture the imagination, the demand for floor lamps and desk lamps has soared. These lighting marvels, marrying form and function, do more than illuminate spaces – they elevate the ambiance. Today's consumers seek not only light but an artistic essence that enriches their living and working spaces.

Desk Lamps Shine Bright

The desk lamp segment, reigning supreme in 2022, has witnessed an evolutionary journey driven by evolving consumer preferences. A luminous trend is the rise of LED desk lamps, prized for energy efficiency, prolonged lifespan, and versatility in lighting options. These lamps are designed with adjustable brightness levels, color temperatures, and flexible forms, ensuring optimal illumination for diverse tasks.

Commercial Illumination: Aesthetic Integration

The commercial/hospitality segment ruled the market in 2022, as businesses pursued not just functional lighting but a harmonious integration of lamps into architectural designs. Architectural lighting designs, especially recessed or track lamp lighting, illuminate commercial spaces with impactful installations. Moreover, the integration of lamps into smart building systems adds a dynamic touch to lighting automation, echoing the smart building trend.

Sustainable Lighting Trends in Europe

Europe's luminous contribution to the market in 2022 stems from a strong leaning toward sustainable lighting solutions. Informed by environmental awareness, LED lamps, celebrated for energy efficiency, prolonged lifespan, and recyclability, resonate as sustainable choices. A commitment to sustainability drives both consumers and businesses to lamps that mirror their eco-friendly ethos.

Major Players Illuminate Progress

Signify (Philips Lighting), OSRAM GmbH, Herman Miller Inc., Inter IKEA B.V., Artemide S.p.A., and other major market players are orchestrating strategic moves, including mergers, acquisitions, global expansions, and partnerships, to brighten their market shares.

Key Market Highlights:

North America is poised for considerable growth with a significant CAGR. Technological strides and environmental consciousness have ignited demand for energy-efficient lighting solutions.
The floor lamp segment shines brightest with the highest projected CAGR. The allure of sleek, minimalist designs seamlessly blending with modern interiors drives its popularity.
The decorative segment adds aesthetic flair to the market's tapestry, projected to flourish with the fastest CAGR. Ever-evolving design preferences spark this segment's growth.
The commercial segment's meteoric growth is linked to its integration into smart building systems, taking illumination to new heights.

Key Attributes:

Forecast Period: 2022 - 2030
Estimated Market Value in 2022: $13.53 Billion
Forecasted Market Value by 2030: $19.69 Billion
Compound Annual Growth Rate: 4.8%
Regions Covered: Global

For more information about this report visit https://www.researchandmarkets.com/r/f4rm42

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