The global specialty lighting market is expected to grow at a CAGR of around 6.0% from 2020 to 2027 and expected to reach the market value of around US$ 8,546.7 Mn by 2027.
Specialty lighting is lighting that is made with a specific shape, base, and design, as well as special built-in features to perform lighting tasks. Specialty lighting is used in applications where standard lighting is insufficient due to size and functionality. Healthcare, retail, commercial, and entertainment are just a few of the industries that use specialty lighting.
Big calls for Specialty lighting in "Healthcare"
It is critical to provide exceptional service and care to patients and customers. This includes ensuring that everything in the healthcare environment is as clean and safe as possible. Specialty Lighting provides commercial-grade UV-C light products that serve as a "no touch" method of room decontamination and eliminate 99.9% of bacteria and viruses found in the air and on patient room surfaces. UV-C light can reach areas that are difficult to clean with wipes and chemicals, such as keyboards, monitors, and mobile workstations. Furthermore, the UV-C light panel and UV-C cabinet lights function as both a standard light source and a germ-killing UV-C light. Remote controls and PIR (passive infrared) sensors provide a secure method of controlling the lighting system.
Rising adoption of LED lighting bolster the growth of global specialty lighting market
Light-emitting diodes (LEDs) are gradually gaining traction in the global market. While LEDs accounted for nearly half of all light sources in the world in 2019, it is expected that by 2030, LEDs will account for 87 percent of all light sources. LED lights are resistant to breakage and are immune to vibrations, whereas traditional light is contained in glass, which makes it susceptible to breakage. LED lights are soldered together and mounted on a circuit board. As a result, LED lights have a longer lifespan than traditional lights. LED lighting fixtures produce brighter, higher-quality light that improves visibility. The overall quality improves as a result of improved visibility provided by LED lighting. The new generation of LED lighting is more versatile because it has spectrum-tuning capabilities that allow for changes in the nature and quality of light for various events. High quality LED lights are flicker-free and are used for clean event filming. These lights are used for HD and live filming.
Impact of COVID-19 on demand and supply chain for specialty lighting market
Due to the lockdown, construction, renovation, and time of residential, commercial, and industrial infrastructure has ceased, resulting in a sudden drop in demand for specialty lighting. One of the most important platforms for the sale of specialty lighting is e-commerce. The lockdown has caused a halt in supply and logistics, significantly reducing demand. International logistics is operating at less than half of its capacity, necessitating lower exports and imports. From a purely technical standpoint, the decreasing cost of specialty lighting chipsets would help make the system more cost-competitive with other conventional lighting innovations such as compact fluorescent lamps, metal halides, high-pressure sodium lights, and incandescent lights. Expansion of applications in traffic signals, industrial and residential mood lighting, manufacturing and warehouse lighting, healthcare and hospital lighting, and other areas will benefit future demand development.
The global specialty lighting market is segmented based on light type, application, and medical type. Light type is bifurcated into LED and others (halogen lamps, xenon bulbs, incandescent lamps). Based on application, the market is segregated as entertainment, medical, purification, and others. By medical type, the market is classified into surgical and examination.
Based on light type, the LED lighting segment is expected to dominate the market in the coming years. The use of LED bulbs instead of incandescent and halogen bulbs boosts market growth in the specialty lighting market as a whole. In terms of application, the entertainment segment is expected to have the largest market share during the forecast period. It will maintain its dominance over the forecast years because this industry is entirely reliant on various types of cinematography and photography lighting, such as fill lighting, backlighting, practical light, hard & soft lighting, bounce lighting, and ambient light, to achieve the desired effects. The film industry, particularly Hollywood and Bollywood, is a significant contributor to segment growth. Furthermore, the film industry hosts many award shows and events that require special lighting, which accelerates growth even further. Surgical lighting emerged as the largest segment in the past and is expected to continue in this trend throughout the forecast period. One of the key factors influencing the growth of the specialty lighting market is the importance of specialty lighting in the medical industry in providing better visibility during medical procedures.
North America dominates the market; Asia Pacific to register highest growth rate
North America is a major player in the organization of various music, dance, and concert events that require specialty lighting, so the region dominates in terms of market value. The United States is making a significant contribution to the growth of the market in this region through entertainment applications. Furthermore, rising music festival attendance and urbanization have fueled the region's entertainment lighting market. The total number of hospitals in the United States was 5564 in 2017, and it is expected to be around 6210 by the end of 2019. It is expected that the number of surgical and examination procedures will increase as a result of this. These factors drive the specialty lighting market in North America.
Because of the increased use of specialty lighting for surgical and medical purposes, Europe has the second largest market share.
Apart from that, South Asia and the Pacific are expected to grow at a rapid pace during the forecast period due to increased use of specialty lighting in a variety of industries. Furthermore, there is an increase in demand for UV disinfection equipment, which is contributing to market growth in this sector.
Prominent players focus on new product launch, partnerships, and mergers & acquisitions to expand the portfolio and strengthen their foothold in the worldwide market. The key players involved in specialty lighting market are Advanced Specialty Lighting, Brandon Medical, Cree Lighting, Getinge, Integra Lifesciences, Osram Licht AG, Signify Holding B.V., Steris Corporation, Ushio, Inc., and among others
Market By Light Type
Market By Application
Market By Medical Type
Specialty lighting market is expected to reach a market value of around US$ 8,546.7 Mn by 2027.
The specialty lighting market is expected to grow at a CAGR of around 6.0% from 2020 to 2027.
Based on light type, LED segment is the leading segment in the overall market.
Rising adoption of LED lighting is one of the prominent factors that drive the demand for specialty lighting market.
Advanced Specialty Lighting, Brandon Medical, Cree Lighting, Getinge, Integra Lifesciences, Osram Licht AG, Signify Holding B.V., Steris Corporation, Ushio, Inc., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years