Specialty Lighting Market Worth $7.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 24, 2022
CHICAGO, Nov. 24, 2022 /PRNewswire/ -- Specialty lighting market is projected to reach USD 7.8 billion by 2027 from USD 5.7 billion in 2022; it is expected to grow at a CAGR of 6.6% from 2022 to 2027 according to a new report by MarketsandMarkets™. Entertainment, medical, and UV lamps are the most prominent applications of specialty lighting.
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Other emerging applications of specialty lighting include airport lighting, which holds a high growth potential. Airport lighting includes the lighting systems which are used at airports to support airport operations as well as night flights and improve airport appearance. Airport lightings are designed to provide visual aid and navigation approach to the pilot during the journey, takeoff, and landing. Owing to their focus on the expansion of airport infrastructure, airports are upgrading their existing lighting systems to reposition themselves as an advanced, world-class-standard airport. This, in turn, is expected to provide new business opportunities for specialty lighting manufacturers during the forecast period.
The major players in the specialty lighting market include Signify (Netherlands), OSRAM (Germany), SMART Global Holdings (Cree LED) (US), Ushio (Japan), Advanced Specialty Lighting (US), Herbert Waldmann (Germany), Getinge AB (Sweden), Brandon Medical (England), Integra Lifesciences (US), American Ultraviolet (US), Steris PLC (UK), Halma (US), and Advanced UV (US).
In application type, the entertainment application is expected to hold the highest market share of the specialty lighting market during the forecast period
Entertainment lighting is used to illuminate stages, studios, and events. It creates the desired dramatic effects required for a show or performance. Entertainment lighting is also used in film shootings and other video recordings. The light sources used for entertainment lighting include LED lamps, xenon lamps, halogen lamps, and incandescent lamps. Entertainment lighting includes lamps which maintain the focus of the audience and provide proper intensity, color distribution, and direction to the performers. Entertainment lighting has various applications, including stage, studio, and others. Stage lighting leads the entertainment lighting segment, followed by studio and others, and the trend is expected to remain the same during the forecast period. Due to the increasing number of musical events, the demand for specialty lighting for entertainment is likely to increase in the coming years. Based on region, the entertainment lighting market is segmented into four main regions: North America, Asia Pacific, Europe, and Rest of the World (RoW). North America led the entertainment lighting market in 2021 owing to the rapidly expanding music industry, growing participation in music festivals, and increasing urbanization. The increasing number of musical events and support of various associations such as National Association of Music Merchants & International Music Products Association (NAMM), European Festivals Association, European Music Council, etc., are expected to drive the growth of the European music industry. This is expected to fuel the market for entertainment lighting in Europe. In addition, the changing lifestyle of masses is driving the growth of malls, multiplexes, theaters, and entertainment venues, which is further propelling the growth of the entertainment and film industries.
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The North America specialty lighting market is projected to have the highest market share during the forecast period
The specialty lighting market has been studied for North America, Europe, Asia Pacific, and RoW. The market in North America holds the highest market share in 2021 and is projected to hold the same during the forecast period. North America is known to host top musical festivals such as Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo Festival, etc. In addition, growing participation in music festivals and increasing urbanization are expected to drive the entertainment lighting application market in the coming years. In 2021, the total number of hospitals in the US was 6,093, which is only expected to grow more during the forecast period. This is expected to further fuel the growth in the number of surgical procedures and examination of patients. These factors are expected to drive the market for specialty lighting in North America.
Key Players of specialty lighting Market:
Signify (Netherlands), OSRAM (Germany), SMART Global Holdings (Cree LED) (US), Ushio (Japan), Advanced Specialty Lighting (US), Herbert Waldmann (Germany), Getinge AB (Sweden), Brandon Medical (England), Integra Lifesciences (US), American Ultraviolet (US), Steris PLC (UK), Halma (US), Advanced UV (US), Martin Professional (Denmark), Altman Lighting (US), Guangzhou Yajiang Photoelectric Equipment Co. (China), Chauvet & Sons (US), Daray Medical (UK), Color Imagination LED Lighting (China), Advanced Stage Lights (India), Technomed India (India), Simeon Medical (Germany), Crystal IS (US), and XYLEM (US).
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