The Specialty Lighting Market is anticipated to grow at a CAGR of 5.9% from 2019 to 2024, from USD 5.4 billion in 2019 to USD 7.2 billion in 2024. Numerous live music events and concerts, strict government rules for surface, air, and water disinfection, the growing acceptance of surgical illumination for both minor and large surgical procedures, and the declining cost and expanding use of LEDs are the main factors driving the market's growth. The growing demand for ultrapure water from end-use industries and promising futures in new applications are underlying opportunities for the specialty lighting market.
During the projected period, the CAGR for LED light sources for specialty lighting is expected to increase.
LEDs are semiconductors that use the motion of electrons to transform electricity into light. They have developed into a significant lighting technology because, in terms of power consumption, dependability, and durability, they outperform high-intensity discharge (HID)/halogen lights. LED light sources improve light quality, heat dissipation, and light distribution in the entertainment industry, increasing their employment in specialised lighting applications. LEDs use less power and require less upkeep. LED specialised lighting is offered by businesses including Signify, OSRAM, Cree, and Ushio America. The Specialty Lighting Market is currently led by the LED sector, and this trend is anticipated to last during the forecast period.
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The market for specialty lighting will be dominated by entertainment during the anticipated timeframe.
The specialty lighting market is led by entertainment lighting. Entertainment lighting contains lamps that keep the audience's attention while giving the artists the right intensity, colour distribution, and direction. There are several uses for entertainment lighting, including stage, studio, and others. Stage lighting is the industry leader in the entertainment lighting market, followed by studio and other products. Throughout the forecast period, it is anticipated that this trend will continue. The need for specialty lighting for entertainment is expected to rise over the next few years as a result of the rise in music events.
During the projected period, the Asia Pacific Specialty Lighting Market is anticipated to develop at the highest CAGR.
For the majority of market segments, including medical, UV lamps, and entertainment lighting, Asia Pacific is the region that is growing the fastest. During the anticipated time, the region's market will grow the fastest globally. The primary driver driving the rapid growth of the UV disinfection equipment market, which in turn drives the growth of the UV lamp market, is the rising demand for UV disinfection equipment among residential, commercial, municipal, and industrial end users. The region's airport lighting industry is expanding due to the expansion of airport infrastructure and the requirement to limit the cost of maintaining lighting systems. The leading contributors to the Asia Pacific Specialty Lighting Market are anticipated to be China, Japan, South Korea, India, Taiwan, Australia, and Singapore.
Key Players
Getinge AB (Getinge, Sweden), Signify Holding (Signify, Netherlands), OSRAM Licht AG (OSRAM, Germany), Cree, Inc. (US), Ushio, Inc. (Japan), Advanced Specialty Lighting, Inc. (US), and Herbert Waldmann GmbH & Co. The Specialty Lighting Market is dominated by companies like KG (Waldmann, Germany), Brandon Medical Co Ltd (Brandon Medical, England), Integra LifeSciences Corporation (Integra LifeSciences, US), and Steris PLC (Steris, US).
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