Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Specialty Lighting Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 27, 2021 (GLOBE NEWSWIRE) -- The Global Specialty Lighting Market is expected to grow at a CAGR of around 6.0% from 2020 to 2027 and reach the market value of over US$ 8,546.7 Mn by 2027.
North America commands the lion's share of the global specialty lighting market. The presence of major lighting companies providing services for horticulture, entertainment, water treatment, medical, seaports, and aquariums is attributed to the growth. Furthermore, the region's rapidly expanding end-use industries, such as entertainment, are driving product demand. Furthermore, a strong healthcare system in the United States and Canada contributes to increased demand for surgical and examination lighting.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. Because of the constant demand, the entertainment industry in India is one of the most dominant and highly preferred sectors by market vendors. The healthcare industries of China and Japan are also contributing to regional market growth. Furthermore, widespread use at the harbor to lighten up space and improve safety and productivity while operating at night contributes to market growth.
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Market Dynamics
Increased adoption of special-purpose lighting solutions, as well as the need for enhanced illumination in the medical, entertainment, and other industries, is driving market growth. UV lamps for surface, air, and water disinfection are expected to be the primary growth driver. Furthermore, the growing number of global events, such as music concerts, as well as the rapidly expanding entertainment industry, is driving up demand for specialty lighting solutions. The increasing number of live music events and concerts, stringent government regulations for air, water, and surface disinfection, growing penetration and adoption of surgical lighting for minor and major surgical procedures, and decreasing cost and increasing penetration of LEDs are the major drivers of market growth. The market's underlying opportunities include increased demand for ultrapure water from end-use industries and high growth prospects in new applications.
Market Restraint
Specialty lighting is losing the race despite having the right stuff
Because the initial deployment cost of lighting is high, this translates into a significant upfront capital investment as well as ongoing support and maintenance costs, making it difficult for small-sized entertainment and healthcare companies. This raises capital costs as well as the cost of support staff to perform necessary maintenance and upgrades. As a result, the high implementation costs are impeding market growth.
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The increased number of events, such as concert tours and sporting events increases the demand for specialty lighting. Every year, over 800 music festivals are held in the United States, attracting a crowd of nearly one million people. But apart from the United States, Japan, India, South Korea, Canada, Germany, France, Italy, and the United Kingdom are among the most popular destinations for music concerts. As a result, the start of these large events helps specialty lighting vendors generate a significant amount of revenue each year. In addition, rising demand from television series producers, opera sets, and the film industry is fueling market growth.
Segmental Outlook
The global specialty lighting market is segmented based on light type, application, and medical type. Light type is bifurcated into LED and others (halogen lamps, xenon bulbs, incandescent lamps). Based on application, the market is segregated as entertainment, medical, purification, and others. By medical type, the market is classified into surgical and examination.
Competitive Landscape
The major players involved in the specialty lighting market involve LG Electronics Inc., AU Optronics, InVisage Technologies, Nanoco Group plc, Sony Group Corporation, Quantum Materials Corp, Samsung, StoreDot, and among others.
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Some of the key observations regarding specialty lighting industry include:
- In January 2021, SLD Laser announced launching of new product namely, "white light and infrared (IR) LaserLightTM source". The newly launched product is intended for automotive and consumer lighting, night vision illumination, precision long-range sensing beyond 250 meters, and high-speed LiFi communications faster than 20 gigabit per second.
- In December 2019, Signify announced acquisition with Cooper Lighting Solutions. This acquisition is fully in line with Signify’s strategy to expand in attractive markets, and most importantly, reinforcing Signify’s position in the North American market.
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