REPORT HIGHLIGHT
Specialty Lighting Market size was valued at USD 6,275 Million in 2023, expanding at a CAGR of 6.5% from 2024 to 2032.
Lighting that provides electricity distribution and illumination for the commercial, industrial, and residential sectors is known as specialty lighting. Additionally, the retail, hospitality, education, healthcare, furniture, and commercial businesses are still supported by specialized lighting.
Specialty Lighting Market- Market Dynamics
Increasing demand from healthcare industry to propel market demand
Providing excellent care and attention to patients and clients is essential. Ensuring the hospital environment is as hygienic and secure as possible falls under this category. Commercial-grade UV-C light products from Specialty Lighting may be used to disinfect rooms "no touch" method, eliminating 99.9% of germs and viruses from the air and surfaces of patient rooms. Mobile workstations, displays, keyboards, and other places where chemicals cannot reach are all susceptible to UV-C rays. Furthermore, to be able to be utilized as a germ-killing UV-C light, the UV-C light panel and UV-C cabinet lights may also be used as regular light sources. PIR (passive infrared) sensors and remote controllers can be used to securely operate the lighting system.
Specialty Lighting Market- Key Insights
- As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2024-2032)
- Based on light segmentation, the LED segment is expected to dominate the market during the forecast period
- Based on application segmentation, the Medical segment is expected to capture a substantial market share over the forecast period
- Based on region, North America is expected to dominate the market during the forecast period
Specialty Lighting Market- Segmentation Analysis:
- The Global Specialty Lighting Market is segmented based on Light, Application, Medical Type, and Region.
- Based on the light, the market is bifurcated into LED and Others. The LED segment is expected to dominate the market during the forecast period. The market has grown since LED lights replaced incandescent and halogen bulbs because of their longer lifespan, lower heating, and lower cost. All categories of lighting, including specialized, architectural, smart, and ornamental, have been completely dominated by LED lights. They can produce color and pattern in a variety of fixture designs and are more convenient and adaptable. Since LEDs make fixtures lighter, there is a growing demand for them in specialty lighting. The extended shelf life is another important element pushing the adoption of LED specialty lights. Long-term usage of halogen and incandescent lights can cause them to shatter and fuse, but LED lights don't break since their tiny glass frames are installed inside the fixtures.
- Based on the application, the global industry is segmented into Entertainment, Medical, Purification and Others. The Medical segment is expected to capture a substantial market share over the forecast period owing to the growing demand for specialty lighting in surgeries.
Specialty Lighting Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. Major lighting firms that provide services for horticulture, entertainment, water treatment, medical, seaports, and aquariums are responsible for the rise. Furthermore, the region's quickly growing end-use industries-like entertainment-are also fueling the need for the products. The United States and Canada have strong healthcare systems, which further adds to the growing need for surgical and examination lighting. Besides, the Asia Pacific is expected to grow at the highest CAGR over the forecast period as a result of the growing use of customized lighting in many sectors. Due to the steady demand, the entertainment sector in India is one of the most important and well-liked market sellers. The healthcare sectors in China and Japan are also boosting the expansion of the regional market. Furthermore, widespread use at the harbor to provide more light, enhance safety, and boost productivity while working at night promotes market expansion.
Specialty Lighting Market- Competitive Landscape:
The key players operating in the market are: Herbert Waldmann, OSRAM GmbH, CREE (IDEAL INDUSTRIES, INC.), Getinge AB, Advanced Specialty Lighting, Integra Lifesciences, Brandon Medical, Signify Holding, Steris PLC and USHIO. These players adopted various strategies to remain competitive in the market which include, product launches, acquisitions, collaboration, agreements and others.
Recent Developments:
In June 2023, a third generation of OSLON® Compact PL LEDs was released by ams OSRAM, and it offers 8% more brightness than the second version. The new LED gives the company additional design possibilities and a greater value.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL SPECIALTY LIGHTING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
- CREE (IDEAL INDUSTRIES, INC.)
- Advanced Specialty Lighting
GLOBAL SPECIALTY LIGHTING MARKET, BY LIGHT- MARKET ANALYSIS, 2019 - 2032
GLOBAL SPECIALTY LIGHTING MARKET, BY APPLICATION MARKET ANALYSIS, 2019 - 2032
- Entertainment
- Medical
- Purification
- Others
GLOBAL SPECIALTY LIGHTING MARKET, BY MEDICAL TYPE- MARKET ANALYSIS, 2019 - 2032
GLOBAL SPECIALTY LIGHTING MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA