The report "Specialty Lighting Market
by light source (LED, Halogen Lamps, Xenon Bulbs, Incandescent Lamps),
application (Entertainment, Medical, UV Lamps), and Region (North
America, Europe, Asia Pacific, RoW) - Global Forecast to 2024",
is projected to reach USD 7.2 billion by 2024 from USD 5.4 billion in
2019, at a CAGR of 5.9% from 2019 to 2024. The major drivers for the
market’s growth are 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. Underlying opportunities for the
specialty lighting market include the increasing demand for ultrapure
water from end-use industries and high growth prospects in new
applications.
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LED light source for specialty lighting to grow at higher CAGR during forecast period
LEDs are semiconductors that convert electricity to
light through the movement of electrons. They have evolved as a major
lighting technology, as they are more environmentally beneficial than
high-intensity discharge (HID)/halogen lights in terms of power
consumption, reliability, and durability. In the entertainment
application, LED light sources enhance the quality of light, heat
dissipation, and light distribution, which increases their use in
special lighting applications. LEDs save energy and require less
maintenance. Companies such as Signify, OSRAM, Cree, and Ushio America
offer LED specialty lighting. The LED segment is leading the specialty
lighting market, and this trend is expected to continue during the
forecast period as well.
Entertainment to hold largest share of specialty lighting market during forecast period
Entertainment lighting leads the specialty lighting
market. Entertainment lighting includes lamps which maintain the focus
of the audience and provide proper intensity, color distribution, and
direction to the performers. Entertainment lighting has various
applications, including stage, studio, and others. Stage lighting leads
the entertainment lighting segment, followed by studio and others, and
this trend is expected to remain the same during the forecast period.
Due to the increasing number of music events, the demand for specialty
lighting for entertainment is likely to increase in the coming years.
Asia Pacific specialty lighting market expected to grow at highest CAGR during forecast period
Asia Pacific is the fastest-developing region for
most of the segments such as medical, UV lamps, and entertainment
lighting. The region represents the fastest-growing market worldwide
during the forecast period. The increasing demand for UV disinfection
equipment among residential, commercial, municipal, and industrial end
users is the key driving factor for the high growth of UV disinfection
equipment market, which subsequently fuels the growth of the UV lamps
market. The expansion of airport infrastructure and the need to control
the maintenance cost of lighting systems fuel the growth of the airport
lighting market in the region. Countries such as China, Japan, South
Korea, India, Taiwan, Australia, and Singapore are expected to be the
major contributors to the Asia Pacific specialty lighting market.
Signify Holding (Signify, Netherlands), OSRAM Licht
AG (OSRAM, Germany), Cree, Inc. (CREE, US), Ushio, Inc. (USHIO, Japan),
Advanced Specialty Lighting, Inc. (Advanced Specialty Lighting, US),
Getinge AB (Getinge, Sweden), Herbert Waldmann GmbH & Co. KG
(Waldmann, Germany), Brandon Medical Co Ltd (Brandon Medical, England),
Integra LifeSciences Corporation (Integra LifeSciences, US), and Steris
PLC (Steris, US) are a few major players in the specialty lighting
market.
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