Austin, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Insights:
According to the SNS Insider, “The Specialty Lighting Market Size was valued at USD 6.5 Billion in 2023 and is expected to reach USD 11.73 Billion by 2032 and grow at a CAGR of 6.82% over the forecast period 2024-2032.”
Specialty Lighting Market Expands with LED Dominance, Smart Innovations, and Sector-Specific Growth
The Specialty Lighting market includes lighting solutions beyond regular residential and commercial use, such as architectural, theatrical, retail display, and medical or horticultural lighting. Driven by energy efficiency and sustainability concerns, LED technologies are gaining popularity due to their low energy consumption and long lifespan. In 2023, Specialty Lighting sales in the USA reached around 12 billion units, with projections of over 13.5 billion units in 2024, fueled by growth in sectors like healthcare, entertainment, and architecture. Global energy-efficient lighting is valued at USD 92.4 billion, with LED solutions expected to dominate 80% of this market by 2024. Innovations in smart lighting offer new opportunities for control and customization, enhancing functionality, safety, and aesthetics.
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Leading Market Players with their Product Listed in this Report are:
- Osram Licht AG (LED modules, HMI lamps)
- Philips Lighting (Signify) (Hue smart bulbs, LED downlights)
- Cree, Inc. (Cree LED bulbs, COVR LED fixtures)
- General Electric (GE) Lighting (Reveal LED bulbs, LED ceiling fixtures)
- Acuity Brands, Inc. (Lithonia Lighting, Gotham Lighting)
- Eaton Corporation (Metalux LED luminaires, Halo recessed lighting)
- Luminaire (T5 and T8 fluorescent fixtures, LED decorative fixtures)
- Nichia Corporation (High-power LEDs, specialty white LEDs)
- Sylvania (LED lamps, halogen bulbs)
- LEDVANCE (LED tubes, outdoor LED lighting)
- Fulham Co., Inc. (LED drivers, emergency lighting solutions)
- Lutron Electronics (Casetron dimmers, Sivoia QED shades)
- RAB Lighting (LED floodlights, wall packs)
- Kichler Lighting (Landscape lighting, ceiling fans)
- WAC Lighting (LED track lights, recessed lighting)
- Belkin International, Inc. (WeMo smart plugs, LED light strips)
- Toshiba Lighting (LED bulbs, high-intensity discharge lamps)
- Zhejiang Yongming (LED street lights, industrial lighting)
- Lifx (Smart LED bulbs, Light strips)
- Bega (Architectural lighting, exterior lighting solutions).
Specialty Lighting Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 6.5 Billion |
| Market Size by 2032 | USD 11.73 Billion |
| CAGR | CAGR of 6.82% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Light Type (LED, Others), • By Application (Entertainment, Medical, Purification, Others) • By Medical Type (Surgical Lighting, Examination Lighting) |
| Key Drivers | • Energy Efficiency Revolution Drives Innovation in Specialty Lighting, Paving the Way for Smarter Solutions. • Technological Advancements in Specialty Lighting Drive Customization and Dynamic Solutions for Diverse Industries. |
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Growth and Trends in the Specialty Lighting Market Across LED, Entertainment, Purification, and Medical Applications
By Light Type
In 2023, the LED lighting segment captured over 67% of the market share, driven by the advantages of LED over incandescent and halogen bulbs, including longer lifespan, lower heat production, and cost savings. LED lights have become dominant across various lighting categories, including smart, decorative, specialty, and architectural lighting.
The LED segment is projected to grow at the highest CAGR of during the forecast period, fueled by their versatility in fixture design, ability to produce various colors and patterns, and lightweight nature. Additionally, LEDs have a longer shelf life and are more energy-efficient compared to traditional lighting options, which are prone to damage.
By Application
In 2023, the entertainment segment held a market share of over 43%, driven by its reliance on various lighting techniques such as fill lighting, backlighting, and ambient light for achieving desired effects in cinema and photography. The segment is expected to maintain its dominant position due to the growth of the film industry, particularly in Hollywood and Bollywood.
The purification segment is anticipated to grow at the highest CAGR of 7.59% during the forecast period. This growth is fueled by the increasing use of specialty UV lights for water, air, and surface purification, driven by concerns over water scarcity and the need for clean environments in pharma and testing labs.
By Medical Type
In 2023, the surgical lighting segment accounted for the largest revenue share of 54%, driven by high-quality healthcare infrastructure and advanced medical procedures. The demand for energy-efficient, adjustable surgical lighting has grown due to improvements in hospital technologies, ensuring optimal visibility with minimal shadow during surgeries. The increasing number of minimally invasive surgeries and outpatient treatments further fuels the demand for advanced lighting solutions tailored to diverse surgical environments.
The examination lighting segment is projected to grow at a CAGR of 7.08% from 2023 to 2032. This growth is driven by the critical role of specialized lighting in medical checkups and diagnostics. Dedicated examination lighting ensures optimal illumination for accurate assessments, reducing the risk of errors during exams and procedures, thus enhancing safety and precision in healthcare settings.
Regional Growth and Market Dynamics in North America and Asia Pacific for Specialty Lighting
In 2023, North America held the largest market share of over 37% and is expected to maintain dominance throughout the forecast period. This is primarily due to the presence of leading lighting companies catering to various sectors such as horticulture, entertainment, water treatment, medical, seaports, and aquariums. Additionally, the region's strong healthcare system, particularly in the U.S. and Canada, and the rapid growth of industries like entertainment are fueling the demand for specialty lighting.
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Asia-Pacific is expected to witness the highest CAGR of 7.80% during the forecast period, driven by increasing adoption of specialty lighting across diverse sectors. The entertainment industry in India remains a key driver of demand, with constant growth in the sector. Furthermore, the expanding healthcare industry in China and Japan, along with the growing need for lighting in seaports for safer and more efficient nighttime operations, will contribute significantly to the market’s growth in the region.
Recent Development
- April 17, 2024: Ams Osram partners with Malaysia's Dominant Opto Technologies to supply intelligent RGB LED solutions for automotive interiors, utilizing its Open System Protocol (OSP) for dynamic lighting customization.
- November 7, 2024: Signify, a leader in specialty lighting, received the EcoVadis Platinum medal for the fifth consecutive year, ranking in the top 1% globally for sustainability, with an impressive score of 84/100.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Specialty Lighting Production Volumes, by Region (2023)
5.2 Specialty Lighting Design Trends (Historic and Future)
5.3 Specialty Lighting Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
7. Specialty Lighting Market Segmentation, by Light Type
8. Specialty Lighting Market Segmentation, by Application
9. Specialty Lighting Market Segmentation, by Medical Type
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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