Specialty Lighting Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Specialty Lighting Market: Snapshot
Market expansion is being fueled by the increasing acceptance of lighting solutions for particular applications and the demand for improved illumination in entertainment, medical, and various other industries. UV lamps for air, surface, and water disinfection are expected to be a major growth driver for the global specialty lighting market. In addition to that, the need for customized lighting solutions is developing as a result of a rising number of national and international events, such as musical performances, and the fast growing entertainment sector.
The need for specialty lighting is increasing as the number of events such as sporting events and music tours grows. Every year, approximately 800 music festivals take place in the U.S., drawing about one million attendees. Apart from the U.S., the most popular nations for music performances are Germany, Japan, South Korea, India, France, Canada, Italy, and the UK. As a result, the start of these major events aids specialty lighting providers in producing large money each year. The global specialty lighting market is also growing due to increased demand from television series production companies, opera sets, and the film industry.
Market development is also projected to be aided by technological breakthroughs such as the Internet of Things (IoT) and smart lighting solutions. In clubs and during events, the app-connected smart light is commonly employed. The increased installation cost of these lighting systems, on the other hand, is preventing their widespread adoption. Strict lighting industry restrictions, such as the Energy Star Program, the National Electric Code (NEC), and the United Nations Environment Programme (UNEP) make market expansion difficult.
The global COVID-19 epidemic, which resulted in lockdown and curfews, has hampered market growth. However, due to the building of temporary hospitals and the requirement for surgery and examination facilities, medical lighting demand is likely to increase. Several nations throughout the world are running out of hospital beds, which must be addressed by the building of new isolation and treatment rooms, as well as the purchase of more medical equipment and illumination.
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:
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5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
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Accurate Trend Analysis
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The reports offer answers to the top 7 questions that revolve around the growth of the market
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