The specialty lighting market 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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Based on application, entertainment to hold largest market 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 musical events, the demand for specialty
lighting for entertainment is likely to increase in the coming years.
Surgical lighting expected to be largest shareholder of medical lighting application of specialty lighting in coming years
Surgical lights are used to assist the surgeons and
other healthcare professionals during major as well as minor surgical
procedures. The manufacturers of surgical lights manufacture these
lights based on various specifications, such as brightness, color
rendering index (CRI), homogeneity, correlated color temperature (CCT),
shadow dilution, etc. Surgical lights are used in surgical suites,
endoscopy procedures, dental procedures, and other minor surgeries. With
the increasing demand for a unique balance of luminance of light and
shadow management, the demand for shadowless surgical lights is expected
to increase, and subsequently drive the market for surgical lighting in
the coming years.
North America to account for largest market size during forecast period
North America is popular for holding leading music
festivals such as Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo
Festival. Growing participation in music festivals and increasing
urbanization have driven the entertainment lighting market in the
region. In 2017, the total number of hospitals in the US was 5564, which
is expected to reach 6210 by the end of 2019. This is expected to
increase the number of surgical procedures and examination procedures.
These factors drive the market for specialty lighting in North America.
Key Market Players
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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