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:
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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