What Has Been the Growth of the Specialty Lighting Market So Far?
The specialty lighting market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant growth in the size of the specialty lighting market. It is projected to increase from a value of $7.12 billion in 2024 to $7.65 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.5%.
The factors contributing to this growth during the historic period include architectural and decorative lighting, energy efficiency, a higher demand for enhanced illumination, an increase in the appreciation of aesthetics and ambiance, and wider applications in the healthcare and entertainment sectors.
What Are the Future Growth Projections for the Specialty Lighting Market?
The specialty lighting market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for specialty lighting is anticipated to experience significant expansion in the forthcoming years, reaching a valuation of $10.59 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%.
This substantial rise in the forecast period can be credited to factors such as the use of architectural and decorative lighting, heightened energy efficiently, amplified demand for superior illumination, growing appreciation of aesthetics and ambiance, as well as broadening applications in sectors such as healthcare and entertainment. Key trends projected to shape this period include the integration of smart lighting and IoT, innovations in architectural lighting, the adoption of sustainable and eco-friendly lighting, UV and disinfection lighting, and tailor-made lighting products.
Which Factors Are Boosting Growth In The Specialty Lighting Market?
The escalating count of live music performances and concerts is set to spur the expansion of the specialty lighting market. These public events, often showcasing individual or group performances of music or dance, frequently utilize specialty lighting to highlight the performers, give visual cues, indicate performer positions, and enhance the overall ambiance. As an example, the second quarter report of 2022 from Live Nation Entertainment Inc, a US Entertainment Company, reveals an attendance of nearly 33.5 million at LiveNation shows. This is 20% more than the 27 million recorded in 2019. In addition, LiveNation ticket sales in July 2022 far outpaced those of 2019, with numbers reaching over 100 million versus 74 million. As such, the burgeoning frequency of live events and concerts is fuelling demands in the specialty lighting market.
What Key Areas Define The Segmentation Of The Global Specialty Lighting Market?
The 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
Subsegments:
1) By Surgical: Overhead Surgical Lights, Mobile Surgical Lights, LED Surgical Lights, Halogen Surgical Lights
2) By Examination: General Examination Lights, LED Examination Lights, Wall-Mounted Examination Lights, Mobile Examination Lights
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How Are Emerging Trends Reshaping The Dynamics Of The Specialty Lighting Market?
Prominent companies in the specialty lighting market are striving to create advanced high-power white LEDs leveraging phosphor-on-chip technology. This helps to enhance brightness, optimize color rendering, boost energy efficiency, and provide multipurpose lighting solutions for various applications, such as automotives, architectural, and industrial lighting. The phosphor-on-chip technology entails a sophisticated LED manufacturing procedure where the phosphor material is directly applied on the LED chip, eliminating the need for a separate component or encapsulation. For example, in October 2023, Luminus Devices Inc, a company based in the US, introduced SST-12, a potent white LED. Its round emitter design enhances beam spot uniformity over the conventional square emitters, thus providing prime brightness and color consistency within the beam. SST-12 enables a more focused beam angle and extends beam distance, rendering it ideal for several applications, including portable and architectural lighting. Delivering a typical efficacy of 116 lumens per watt at 0.35A Tj 85°C (3000K), SST-12 is showcased as a top preference for energy-saving lighting solutions.
Who Are the Key Players in the Specialty Lighting Market?
Major companies operating in the specialty lighting market include:
• 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
What Is The Most Dominant Region In The Specialty Lighting Market?
North America was the largest region in the specialty lighting market in 2024. Asia-Pacific is 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.
