Specialty Lighting Market by Light Source (Light-Emitting Diode, Halogen Lamps, Xenon Bulbs, Incandescent Lamps, Metal Halide Lamps), Application (Entertainment, Medical, UV Lamps) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027

Revenue Shift and New Revenue Pockets for Specialty Lighting Players

The 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. 

The specialty lighting market has been segmented by light source, application, and region. Product launches and developments were the key strategies adopted by the leading players in the market from January 2018 to November 2022. Other strategies adopted by the players to grow in the market during this period were partnerships and collaborations, and acquisitions. The specialty lighting market is witnessing a rise in demand in entertainment application. The growth of the specialty lighting market is driven by the growth in the number of music events, stringent government regulations pertaining to UV disinfection, and an increase in the adoption of surgical lighting for minor and major surgical procedures. Reduction in energy consumption, and subsequently its cost, is one of the key factors making LEDs a preferred choice of users over conventional lights. LEDs are replacing conventional light sources such as fluorescent lamps, High-intensity Discharge (HID) lamps, and High-pressure Sodium (HPS) lamps in entertainment and medical lighting applications. The entertainment lighting application primarily includes stage, studio, and cinema lights, while the medical lighting application includes surgical and examination lights.

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), 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).

Stage lighting segment of entertainment application to account for largest market share during forecast period

The increasing number of live performances and growing music industry are expected to positively impact the growth of the stage lighting segment. An increase in the use of stage lighting for concerts, plays, operas, dance performances, theater, and other performances is also expected to drive the growth of the stage lighting segment. The increasing number of live performances and growing music industry are expected to positively impact the growth of the stage lighting market. In addition, increasing use of stage lighting for concerts, plays, operas, dance performances, and other events is expected to drive the growth of the stage lighting market. The intensity, color, type, and distribution of light play an important role in creating the effect required to justify the performance of artists on stage. This is expected to increase the adoption of stage lighting fixtures, which, in turn, will boost the growth of the stage lighting market. 

Research Coverage:

This report segments the Specialty Lighting Market by Light Source (Light-Emitting Diode, Halogen Lamps, Xenon Bulbs, Incandescent Lamps, Metal Halide Lamps), Application (Entertainment, Medical, UV Lamps), and Region (North America, Europe, Asia Pacific, RoW)- Global Forecast to 2027

Reasons to Buy the Report:

• This report includes statistics pertaining to the specialty lighting market based on light source, application, and region.
• Major drivers, restraints, opportunities, and challenges for the specialty lighting market have been provided in detail in this report
• The report includes illustrative segmentation, analysis, and forecast for the specialty lighting market based on its segments.