Specialty Lighting Market Growth Opportunities and Forecast till 2030
The Global Specialty Lighting Market size accounted for US$ 6,136 Million in 2021 and is anticipated to reach US$ 10,429 Million by 2030 with a CAGR of 6% from 2022 to 2030.
Specialty lighting is made with a specific design, shape, base, and special built-in features to satisfy lighting tasks. When standard lighting is inadequate due to size or functionality, specialty lighting is used. Specialty lighting is used in a variety of industries, including healthcare, retail, business, and entertainment. Commercial, healthcare, retail, and entertainment are just a few of the industries that use specialty lighting. The growing number of live music events and festivals, stringent federal regulations for air, water, and ground disinfection, increasing penetration and implementation of surgical lighting for major and minor surgical procedures, and decreasing cost and rising penetration of LEDs are the primary drivers of market growth.
Specialty Lighting Market
Specialty Lighting Market Size in 2021
US$ 6,136 Million
Specialty Lighting Market Forecast By 2030
US$ 10,429 Million
Specialty Lighting Market CAGR During 2022 – 2030
Specialty Lighting Market Analysis Period
2018 - 2030
Specialty Lighting Market Base Year
Market Forecast Data
2022 - 2030
By Light Type, By Application, By Medical, and By Region
Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Advanced Specialty Lighting, Cree Lighting, Brandon Medical, Getinge, Steris Corporation, Integra Lifesciences, Signify Holding B.V., Osram Licht AG, and Ushio, Inc.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Specialty Lighting Market Dynamics
The increasing use of connected systems, mobile devices, and digital platforms is transforming customer shopping experiences in both digital and physical reality. From Entertainment outlets to food & beverage Entertainment formats, self-service technologies are increasingly being used to provide customers with a personalized experience. These intelligent technologies provide enhanced real-time customer support. Furthermore, the need for workforce optimization and cost reduction is driving verticals like Medical, Entertainment, travel and hospitality, and healthcare to adopt automated and intelligent technologies.
LED lighting is becoming more popular because it is resistant to breakage and is immune to vibrations, whereas traditional lighting is contained in glass, which is easily broken. LED lights are soldered together and mounted on a circuit board Led bulbs have a longer life than traditional lights as a result of this. Brighter, higher-quality light is produced by LED lighting fixtures, which improves visibility. As a result of the increased visibility supplied by LED lighting, the overall quality improves.
Covid-19 Impact on Global Specialty Lighting Market
The global economy is facing an unprecedented crisis due to COVID-19 pandemic. The companies moved decisively for securing the supply chain and to protect their employees. Governments are still imposing social distancing norms for protection of the employees. Commercial, residential, and industrial infrastructure building, rehabilitation, and time have all come to a halt as a result of the lockdown, led to a sharp decline in demand for specialty lighting business opportunity. One of the most major channels for the sale of specialty lighting is e-commerce. The shutdown has disrupted supply and logistics, resulting in a significant drop in demand. International logistics is operating at less than half capacity, resulting in fewer exports and imports.
Light type, application, medical type, and region are the three categories of the global specialty lighting industry. Based on the light type sector, the segmentation includes LED, and others. According to our research, the LED segment will dominate the specialty lighting market in the coming years. Because it has spectrum-tuning capabilities, the new generation of Lighting systems is more dynamic, allowing for variations in the quality and composition of light for different events. Flicker-free high-quality LED lights are used for smooth event filming. For HD and live filming, these fixtures are used.
The application segment is further categorized into entertainment, medical, purification, and others. Among them, entertainment segment achieved a significant amount of market share in 2021. Furthermore, the medical type segment covers into surgical and examination.
Global Specialty Lighting Market Geographical Competition
The global specialty lighting industry is divided into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. North America is a major region in the organization of diverse event such as music, dance, and concerts that involve specialty lighting, so the continent continues to dominate in terms of market size. Through entertainment applications, the United States is significantly contributing to the region's market growth. Because of the increased use of specialty lighting for medical / surgical purposes, Europe has the second largest market share. South Asia and the Pacific are expected to grow rapidly during the forecast timeframe due to increased use of specialty lighting in a variety of industries. Furthermore, there is an increase in supply for UV disinfection equipment, which is also attributing to market growth in the region.
Global Specialty Lighting Industry Segment Analysis
Specialty Lighting Market By Light Type
Specialty Lighting Market By Application
Specialty Lighting Market By Medical
Specialty Lighting Market Leading Companies
This section of the study honors the market's top vendors Advanced Specialty Lighting, Cree Lighting, Brandon Medical, Getinge, Steris Corporation, Integra Lifesciences, Signify Holding B.V., Osram Licht AG, and Ushio, Inc. are the key companies mentioned in the research.
Specialty Lighting Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa