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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Major restraints for the market are the perception of higher cost of installation and limited awareness about payback periods. Misconceptions regarding UV purification systems pose a major challenge to the 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.
Top 2 Players in Specialty Lighting Market:
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Signify (Netherlands)
Signify Holding is headquartered at Eindhoven, Netherlands. It is the global market leader with recognized expertise in the development, manufacture, and sale of innovative, energy-efficient lighting products, systems, and services. Signify Holding is the new name of Philips Lighting. It is a well-recognized brand in the lighting business. Innovation in LED products is one of the six key strategic priorities of the company. The company offers a diversified product portfolio for specialty lighting. Through this portfolio, it caters to all the applications of specialty lighting, including entertainment lighting, medical lighting, and UV purification. In 2018, the company introduced the Philips 25R Platinum lamp for entertainment, which is the brightest lamp in its class. The company has an extensive geographical presence, which, combined with proximity to clients, allows it to deliver a product portfolio that addresses the local market needs.
OSRAM (Germany)
OSRAM, founded in 1919, has its headquarters in Munich, Germany. The company operates through Specialty Lighting, Opto Semiconductors, and Lighting Solutions & Systems segments. It offers lighting solutions and specialty products featuring energy-saving technologies. As a part of its business strategy, OSRAM has increased its focus on the specialty lighting market. By adopting the strategy of reorganizing business segments and eliminating underperforming businesses, the company seeks to target business-to-business (B2B) and semiconductor markets, where there is a scope to earn higher profit margins. To increase its presence in the entertainment lighting segment, the company continuously participates in events and shows. For instance, in 2019, the company was the lighting partner of the 2019 Eurovision Song Contest; in 2018, it was lighting partner for the Giudizio Universale multimedia show in Rome.
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