The specialty lighting market size is expected to see strong growth in the next few years. It will grow to $9.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to architectural and decorative lighting, energy efficiency, increased demand for enhanced illumination, growth in awareness of aesthetics and ambiance, expanding applications in healthcare and entertainment. Major trends in the forecast period include smart lighting and iot integration, architectural lighting innovations, sustainable and eco-friendly lighting, uv and disinfection lighting, customizable lighting products.
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Segmentation & Regional Insights
The specialty lighting market covered in this report is segmented –
1) By Medical Type: Surgical, Examination
2) By Light Source: LEDs, Incandescent Lamps
3) By Application: Entertainment, Medical, Purification, Other Applications
North America was the largest region in the specialty lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the specialty lighting market share during the forecast period. The regions covered in the specialty lighting market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing number of live music events and concerts is expected to propel the growth of the specialty lighting market going forward. Live music, events, and concerts can be referred to as public performances where music or dancing is usually done by individuals, several singers, instrumentalists, or both. Live music events and concerts use specialty lighting to illuminate the artists performing on stage, giving visual directions, conveying the location of performers, and providing a better environmental setting. For instance, according to Live Nation Entertainment Inc report 2022, a US-based entertainment company, in the second quarter of 2022, approximately 33.5 million people attended LiveNation shows which was 20% higher than 2019's 27 million. Additionally, LiveNation sold more than 100 million tickets in July 2022 as compared to 74 million in 2019. Therefore, the increasing number of live events and concerts is driving the demand for the specialty lighting market.
Key Industry Players
Major companies operating in the specialty lighting market include Advanced Specialty Lighting Inc., Brandon Medical Company, Cree Inc., Getinge AB, Herbert Waldmann GmbH & Co. KG, Integra Life Sciences Pvt. Ltd, Osram Licht AG, Signify Holding BV, Ushio America Inc., Xylem Inc., Halma plc, Atlantic Ultraviolet Corporation, LG Electronics Inc., AU Optronics, InVisage Technologies, Nanoco Group plc, Sony Group Corporation, Quantum Materials Corp., Samsung Electronics Co. Ltd., StoreDot Ltd, Philips Lighting, Eterna Lighting Ltd., Acuity Brands Inc., Savant System Inc., Eaton Corporation, Feit Electric Company Inc., Hubbell Incorporated, LSI Industries Inc., Dialight plc., TCP International Holdings Ltd., Cooper Lighting Solutions, Fagerhult Group, Glamox AS, Havells India Ltd., Kenall Manufacturing
The specialty lighting market report table of contents includes:
1. Executive Summary
2. Specialty Lighting Market Characteristics
3. Specialty Lighting Market Trends And Strategies
4. Specialty Lighting Market - Macro Economic Scenario
5. Global Specialty Lighting Market Size and Growth
.......................
31. Global Specialty Lighting Market Competitive Benchmarking
32. Global Specialty Lighting Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Specialty Lighting Market
34. Specialty Lighting Market Future Outlook and Potential Analysis
35. Appendix
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Specialty lighting include a different series of lighting and power distribution solutions for cabinets, displays, furniture and more.
Specialty Lighting’s comprehensive selection of domestic and international solutions can be found in commercial, healthcare, hospitality, institutional, residential and retail environments.
Specialty light bulbs are manufactured with a particular shape, base design, or special built-in features to perform a particular lighting task such as aquarium lighting, heat lamps, night lights, bug lights and others.
The global Specialty Lighting market focuses on encompassing major statistical evidence for the Specialty Lighting industry as it offers our readers a value addition on guiding them in encountering the obstacles surrounding the market.
A comprehensive addition of several factors such as global distribution, manufacturers, market size, and market factors that affect the global contributions are reported in the study.
In addition the Specialty Lighting study also shifts its attention with an in-depth competitive landscape, defined growth opportunities, market share coupled with product type and applications, key companies responsible for the production, and utilized strategies are also marked.
