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 reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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