Global Specialty Lighting Market Size To Exceed USD 11.79 Billion by 2030 | CAGR of 7.0%Category: Semiconductors & Electronics
Global Specialty Lighting Market Value to Exceed $11.79 billion by 2030
According to a research report published by Spherical Insights & Consulting, The Global Specialty Lighting Market Size is to grow from USD 6.59 billion in 2021 to USD 11.79 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. The increasing adoption of lighting in various vehicle types such as entertainment, medical, UV lamps, commercial, institutional, retail, residential, and other applications will boost the demand for the specialty lighting market.
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Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on Global Specialty Lighting Market Size, Share, and COVID-19 Impact Analysis, By Light Source (LED, Halogen Lamps, Xenon Bulbs, Incandescent Lamps, Metal Halide Lamps, Other Light Source), By Application (Entertainment, Medical, UV Lamps, Commercial, Institutional, Retail, Residential, Other Applications), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/specialty-lighting-market
Lighting with a specialized shape, foundation, and architecture, as well as special built-in parts to execute lighting jobs, is referred to as specialty lighting. These include tape lights, micro lighting fixtures, LED panels, RGB controllers, and other gadgets. Specialty lighting is employed in a range of settings, including healthcare, retail, commercial, and entertainment. By providing brighter, higher-quality light, LED lighting improves visibility. As a result of the increased visibility given by LED lighting, overall quality improves. The speciality lighting business is quickly expanding as LED lighting adoption rises. Emerging technological advancements such as the Internet of Things (IoT) and smart lighting solutions are also expected to drive the specialty lighting market worldwide. Furthermore, the continuous rise in television series production businesses, opera sets, and the film industry is propelling market expansion.
The LED segment accounted the largest market share of more than 70% over the forecast period.
On the basis of light source type, the global Specialty Lighting market is segmented into LED, halogen lamps, xenon bulbs, incandescent lamps, metal halide lamps, and other light source. Among these, the LED segment is dominating the market with more than 70% and is expected to continue its dominance over the forecast period. Because of its extended lifespan, reduced overheating, and cost-saving properties, LED lights have surpassed earlier light sources in terms of product demand. LEDs also use less energy than traditional lighting.
The medical segment accounted the largest revenue share of more than 58% over the forecast period.
On the basis of application, the global Specialty Lighting market is segmented into entertainment, medical, UV lamps, commercial, institutional, retail, residential, and other applications. Among these, the medical segment accounted for the largest revenue share of over 58% over the forecast period. Specialty lighting is critical in medical applications for improving vision during medical treatments. The use of improved surgical equipment to prevent mortality during surgeries has boosted the demand for surgical illumination.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 45% market share over the forecast period owing to the establishment of major lighting firms supplying solutions for horticulture, entertainment, water treatment, healthcare, shipping ports, and aquaculture.
Asia Pacific is predicted to expand the fastest throughout the projection period due to increased usage of innovative specialized lighting across a variety of industries. Furthermore, extensive usage at the waterfront to lighten up space as well as increase reliability and efficiency when operating at night is predicted to drive speciality market growth.
Major vendors in the Global Specialty Lighting Market include Advanced UV Light GmbH, Altman Lighting, SMART Global Holdings, Crystal IS, OSRAM, Daray Medical, Steris PLC, Color Imagination LED Lighting, Ushio and many others.
Key Market Developments
- On January 2023, Cree LED, an SGH company, has announced the launching of XLamp® Pro9TM LEDs, which provide up to 15% higher efficacy for 90 and 95 color rendering index (CRI) LEDs without compromising color rendering quality. These new LEDs increase the brightness, efficacy, and compactness of LED luminaires in commercial applications needing high quality light.
- On January 2022, Signify introduces a new line of Philips Hue smart lighting products and features for creating the ideal ambiance both inside and outside the home. Philips Hue outdoor smart lights include all of the benefits of the Philips Hue system and are designed to withstand all weather conditions.
- In May 2022, Halonix Technologies, an Indian lighting firm that is quickly expanding, has announced the release of their new Styl LED Batten. In one Batten, the product has three modes: Rest Mode, Work Mode, and Designer Mode.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global specialty lighting market based on the below-mentioned segments:
Specialty Lighting Market, Light Source Type Analysis
- Halogen Lamps
- Xenon Bulbs
- Incandescent Lamps
- Metal Halide Lamps
- Other Light Source
Specialty Lighting Market, Application Type Analysis
- UV Lamps
- Other Applications
Specialty Lighting Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Frequently Asked Questions (FAQ)
1. Which segment dominated the specialty lighting market share?The medical segment in application type dominated the specialty lighting market in 2021 and accounted for a revenue share of over 58%.
2. Which region is dominating the specialty lighting market?North America is dominating the specialty lighting market with more than 45% market share.
3. Which are the major key players in the global specialty lighting market?Signify, OSRAM, SMART Global Holding, Ushio, Advanced Specialty Lighting, Advanced UV, Martin Professional, Altman Lighting, Guangzhou Yajiang Photoelectric Equipment Co.
4. Which segment holds the largest market share of the specialty lighting market?The LED segment based on light source type holds the largest market share of the specialty lighting market.
5. What is the market size of the specialty lighting market?The global specialty lighting market is expected to grow from USD 6.59 Billion in 2021 to USD 11.79 Billion by 2030, at a CAGR of 7.0% during the forecast period 2021-2030.
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