Lighting plays an essential role in any space. For residential areas, lighting can make our homes more comfortable and spacious, yet, for commercial workspaces, lighting can help dramatically boost employee productivity and efficiency. According to research findings, proper use of light can substantially impact an individual’s health, safety, and overall wellbeing.
After the pandemic, many homeowners seek to renovate or improve their homes in the coming years, contributing to a positive outlook for the lighting segment. Industry experts suggest that this results from consumers understanding the importance of the home environment and due to accumulated budgets that would be spent on travelling otherwise. Revenue generated in the lighting industry is expected to reach US$84 billion in 2023, with a compound annual growth rate (CAGR) of 4.47% annually up to 2027.
Read on to learn more about the leading trends in the upcoming year, according to experts.
1. LED Lighting
As consumers become increasingly aware of environmental impacts and energy efficiency, the LED lighting market is expected to overperform and continue strong in the upcoming years – with a forecasted CAGR of 14.26% until 2028. Apart from environmental benefits, these lights can be used to create human-centric results. LED lights are also highly versatile and customizable, making them the perfect option for modern-day homeowners to create unique and personalized home designs.
2. Sustainable Lighting
Besides using LED lights to reduce energy expenditures, consumers also seek lighting options created using natural mediums such as bamboo and rattan lighting. These designs are not only crafted with sustainable materials but also offer a rustic element and a touch of nature to any home environment.
3. Layered Lighting
According to interior design experts, layered lighting has become increasingly popular in recent years. Apart from a contemporary exterior that modern-day consumers prefer, layered lighting allows homeowners to create different moods and zones in one space using varying levels of lighting.
4. Oversized Statement Lighting
Known for creating an immediate impact in any space, statement lights such as chandeliers and uniquely designed lamps are expected to be in trend for the rest of the year. According to design experts, the popularity of oversized lighting pieces will continue beyond 2023 and has caught on even for smaller spaces.
A Chance for a Brighter Future
With a forecasted steady growth in 2023, buyers must continue to adapt to changing consumer lighting preferences to stay competitive in this dynamic market.
From 12 April to 15 April 2023, HKTDC’s Hong Kong International Lighting Fair (Spring Edition) is back with exciting exhibitions and events. Showcasing exhibitors from all over the world, the HKTDC International Lighting Fair is the one-stop solution for all your sourcing requirements. This physical fair features a wide range of products, from residential lighting suited for any interior to practical lighting for commercial needs.
Multiple seminars and forums will also be hosted during the exhibition period to expand visitors’ horizons and allow buyers to connect with other key players in the market.
In case you can’t make it to visit the fair physically or miss any favourite suppliers during the fair, sort it out through Click2Match, our online business matching platform that connects buyers and suppliers during and after the physical events.
Take part in this captivating exhibition and register now by clicking the banner below:
At the same time, apart from the above lighting styles, discover trendy festive and decorative lights available in cartoon or mature forms! Take a look at the latest lightings portfolio on our e-Marketplace:
- Van Bommel W.J.M., Van den Beld G.J. Lighting for work: A review of visual and biological effects. Lighting Res. Technol. 2016
- Christoffersen J. The importance of light to health and well-being; Proceedings of the 4th VELUX Daylight Symposium “Daylight in a Human Perspective”; Lausanne, Switzerland. 4–5 May 2011.