New York, United States , March 29, 2023 (GLOBE NEWSWIRE) -- The Global Specialty Lighting Market Size is to grow from USD 6.59 billion in 2021 to USD 11.79 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. The increasing adoption of lighting in various vehicle types such as entertainment, medical, UV lamps, commercial, institutional, retail, residential, and other applications will boost the demand for the specialty lighting market.
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Lighting with a specialized shape, foundation, and architecture, as well as special built-in parts to execute lighting jobs, is referred to as specialty lighting. These include tape lights, micro lighting fixtures, LED panels, RGB controllers, and other gadgets. Specialty lighting is employed in a range of settings, including healthcare, retail, commercial, and entertainment. By providing brighter, higher-quality light, LED lighting improves visibility. As a result of the increased visibility given by LED lighting, overall quality improves. The speciality lighting business is quickly expanding as LED lighting adoption rises. Emerging technological advancements such as the Internet of Things (IoT) and smart lighting solutions are also expected to drive the specialty lighting market worldwide. Furthermore, the continuous rise in television series production businesses, opera sets, and the film industry is propelling market expansion.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on “Global Specialty Lighting Market Size, Share, and COVID-19 Impact Analysis, By Light Source (LED, Halogen Lamps, Xenon Bulbs, Incandescent Lamps, Metal Halide Lamps, Other Light Source), By Application (Entertainment, Medical, UV Lamps, Commercial, Institutional, Retail, Residential, Other Applications), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The LED segment accounted the largest market share of more than 70% over the forecast period.
On the basis of light source type, the global Specialty Lighting market is segmented into LED, halogen lamps, xenon bulbs, incandescent lamps, metal halide lamps, and another light source. Among these, the LED segment is dominating the market with more than 70% and is expected to continue its dominance over the forecast period. Because of its extended lifespan, reduced overheating, and cost-saving properties, LED lights have surpassed earlier light sources in terms of product demand. LEDs also use less energy than traditional lighting.
The medical segment accounted the largest revenue share of more than 58% over the forecast period.
On the basis of application, the global Specialty Lighting market is segmented into entertainment, medical, UV lamps, commercial, institutional, retail, residential, and other applications. Among these, the medical segment accounted for the largest revenue share of over 58% over the forecast period. Specialty lighting is critical in medical applications for improving vision during medical treatments. The use of improved surgical equipment to prevent mortality during surgeries has boosted the demand for surgical illumination.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 45% market share over the forecast period owing to the establishment of major lighting firms supplying solutions for horticulture, entertainment, water treatment, healthcare, shipping ports, and aquaculture.
Asia Pacific is predicted to expand the fastest throughout the projection period due to increased usage of innovative specialized lighting across a variety of industries. Furthermore, extensive usage at the waterfront to lighten up space as well as increase reliability and efficiency when operating at night is predicted to drive speciality market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Specialty Lighting Market include Advanced UV Light GmbH, Altman Lighting, SMART Global Holdings, Crystal IS, OSRAM, Daray Medical, Steris PLC, Color Imagination LED Lighting, Ushio and many others.
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Key Market Developments
On January 2023, Cree LED, an SGH company, has announced the launching of XLamp® Pro9TM LEDs, which provide up to 15% higher efficacy for 90 and 95 color rendering index (CRI) LEDs without compromising color rendering quality. These new LEDs increase the brightness, efficacy, and compactness of LED luminaires in commercial applications needing high quality light.
On January 2022, signify introduces a new line of Philips Hue smart lighting products and features for creating the ideal ambiance both inside and outside the home. Philips Hue outdoor smart lights include all of the benefits of the Philips Hue system and are designed to withstand all weather conditions.
In May 2022, Halonix Technologies, an Indian lighting firm that is quickly expanding, has announced the release of their new Styl LED Batten. In one Batten, the product has three modes: Rest Mode, Work Mode, and Designer Mode.
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