Global Specialty Lighting market size 2024, Forecast To 2033
12 Feb, 2024
The specialty lighting market size has demonstrated strong growth, rising from $6.68 billion in 2023 to $7.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to architectural and decorative lighting, energy efficiency, increased demand for enhanced illumination, and the growing awareness of aesthetics and ambiance, along with expanding applications in healthcare and entertainment. Looking ahead, the specialty lighting market size is expected to see robust growth, reaching $9.98 billion in 2028 at a CAGR of 8.4%. The growth in the forecast period is linked to architectural and decorative lighting, energy efficiency, increased demand for enhanced illumination, and the growing awareness of aesthetics and ambiance, with expanding applications in healthcare and entertainment. Major trends in the forecast period encompass smart lighting and IoT integration, architectural lighting innovations, sustainable and eco-friendly lighting, UV and disinfection lighting, and customizable lighting products.
Global Specialty Lighting Market Key Driver
The increasing number of live music events and concerts is expected to drive the specialty lighting market. In the second quarter of 2022, approximately 33.5 million people attended LiveNation shows, reflecting a 20% increase from 2019. This growing trend is driving the demand for specialty lighting in 2023, 2024, and 2028.
Get A Free Sample Of The Global Specialty Lighting Market ReportGlobal Specialty Lighting Market Segments
The global specialty lighting market covered in this report is segmented –
1) By Medical Type: Surgical, Examination
2) By Light Source: LEDs, Incandescent Lamps
3) By Application: Entertainment, Medical, Purification, Other Applications
By Geography: The regions covered in the Specialty Lighting market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the specialty lighting market in 2023. Asia-Pacificis expected to be the fastest-growing region in the specialty lighting market share during the forecast period. The regions covered in the specialty lighting market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Specialty Lighting Industry Players
Advanced Specialty Lighting Inc., Brandon Medical Company, Cree Inc., Getinge AB, Herbert Waldmann GmbH & Co. KG, Integra Life Sciences Pvt. Ltd, Osram Licht AG, Signify Holding BV, Ushio America Inc., Xylem Inc., Halma plc, Atlantic Ultraviolet Corporation, LG Electronics Inc., AU Optronics, InVisage Technologies, Nanoco Group plc, Sony Group Corporation, Quantum Materials Corp., Samsung Electronics Co. Ltd., StoreDot Ltd, Philips Lighting, Eterna Lighting Ltd., Acuity Brands Inc., Savant System Inc., Eaton Corporation, Feit Electric Company Inc., Hubbell Incorporated, LSI Industries Inc., Dialight plc., TCP International Holdings Ltd., Cooper Lighting Solutions, Fagerhult Group, Glamox AS, Havells India Ltd., Kenall Manufacturing
Get The Full Global Specialty Lighting Market ReportSpecialty Lighting Market Overview
Specialty lighting refers to the lighting of certain shapes, bases, designs, and special built-in characteristics that accomplish different lighting tasks. Due to its size and functionality, specialty lighting is used where standard lighting is unsuitable. It is used in specific applications such as stage and studio, automotive or marine, medical or scientific, and water or air sanitizing lighting.
Specialty Lighting Global Market Report 2023 provides data on the global specialty lighting market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The specialty lighting market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.