Specialty Lighting Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Specialty Lighting Market: Overview
With the penetration of specialty lighting in the end-use sector such as aviation, medical, and entertainment the specialty lighting market has gained traction in recent years. LED lights have long replaced the incandescent light bulbs to be used for widespread applications across the commercial and residential sector. The shift in consumer preference from CFLs to LED technology has unlocked numerous growth opportunities for the global specialty lighting market.
Changes in the street lighting projects such as the adoption of smart lighting and energy-efficient lighting have further pushed the envelope for the specialty lighting market. For instance, Belo Horizonte, one of the major cities in Brazil has upgraded 182,000 streetlights with LEDs which helped them cut down the electricity cost by 50%. Such modernization projects aimed at enhancing the energy-efficiency and the advancements in the lighting technology compelled Transparency Market Research to conduct exhaustive research on the global specialty lighting market.
In its latest study, TMR Research talks about the evolution of lighting technology and highlights the key growth opportunities for the stakeholders. It also takes into account the factors shaping the global specialty lighting market’s growth throughout the forecast period.
Global Specialty Lighting Market: Notable Developments and Competitive Analysis
Specialty lighting has now become the need of the day as governments across the world have set strict laws for air and surface disinfection. This has also led to the development of new germicidal lamps and UV disinfection systems. Mentioned below are a few new developments in the global specialty lighting market:
The competitive landscape of the global specialty lighting market is characterized by new product developments and partnerships that allow companies to borrow expertise from other enterprises.
Leading companies in the global specialty lighting include:
Global Specialty Lighting Market: Key Drivers
Rising Demand for Surgical Lighting Solutions to Foster Growth
When it comes to setup for surgery, there are specific lighting requirements which include a perfect balance between luminance and shadow. These days there has been a rise in demand for shadowless lights. These lights which were earlier used in major surgeries have now entered the arena of dental and minor surgeries. Manufacturers are eyeing the medical industry to provide surgical lighting solutions as they are the highest revenue contributors to the global specialty lighting market.
Increasing Use of Specialty Lights in Agricultural Industry to Propel Growth
Due to changes in climate agricultural business are adopting new technologies such as horticulture lighting for cultivation. Moreover, there has been a rise in indoor and vertical arming which essentially requires LED lighting solutions, thus contributing to specialty lighting market’s growth.
Global Specialty Lighting Market: Regional Analysis
North America is at the helm of the specialty lighting industry due to high demand from the entertainment industry. There is a wide range of music festivals that happen in this region that require novel entertainment lighting solutions. The U.S. has highly contributed to the market’s growth in this region majorly through surgical lighting application. Asia Pacific is expected to be one of the fastest growing specialty lighting market due to increasing demand for UV disinfection equipment.
The specialty lighting market is segmented based on:
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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