Specialty Lighting Market
Report ID: SQMIG45O2021
Specialty Lighting Market Size, Share, Growth Analysis, By Type(LED and others), By Application(Entertainment, medical, purification and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45O2021 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Specialty Lighting Market Insights
Specialty Lighting Market size was valued at USD 5.6 billion in 2022 and is poised to grow from USD 5.96 billion in 2023 to USD 9.87 billion by 2031, growing at a CAGR of 6.5% during the forecast period (2024-2031).
The global specialty lighting market is currently witnessing robust growth, driven by a surging demand for advanced lighting solutions across various industries and applications. Presently, the market is characterized by an increasing focus on energy-efficient lighting solutions and the rising adoption of LED technology.
With growing awareness about the environmental impact of conventional lighting systems, governments and organizations worldwide are encouraging the use of sustainable lighting solutions. In addition to the commercial and residential sectors, specialty lighting is extensively utilized in automotive, healthcare, aerospace, and entertainment industries, further fueling market expansion. The continuous advancements in smart lighting technologies, coupled with the proliferation of the Internet of Things (IoT), are propelling the integration of intelligent lighting systems into smart homes and buildings.
Moreover, the increasing implementation of specialty lighting in outdoor and architectural applications to enhance aesthetics and safety is fostering market growth. The rising trend of smart city initiatives and the need for energy-efficient street lighting solutions are also contributing significantly to the market's expansion.
Key players in the industry are consistently investing in research and development to innovate novel lighting products and gain a competitive edge. As urbanization continues to surge and the global economy recovers, the specialty lighting market is expected to maintain its upward trajectory in the foreseeable future.
US Specialty Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.
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Specialty Lighting Market Segmental Analysis
The global specialty lighting market is segmented on the basis of type, application, and region. Based on type, the market can be segmented into LED and others. Based on application, the market is segmented into Entertainment, medical, purification and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Specialty Lighting Market Analysis By Type
The LED segment currently dominates the global specialty lighting market. LED technology has rapidly gained traction due to its energy efficiency, longer lifespan, and versatility in various applications. The LED segment's dominance is attributed to the increasing focus on sustainable lighting solutions and the widespread adoption of LED lighting across residential, commercial, and industrial sectors.
The fastest-growing segment in the global specialty lighting market is the others segment which includes smart lighting. The integration of smart technologies, such as IoT and wireless connectivity, with lighting systems has led to the development of intelligent lighting solutions. The growing trend of smart homes and the implementation of smart city initiatives are driving the rapid expansion of the smart lighting segment, making it the fastest-growing segment in the market.
Specialty Lighting Market Analysis By Application
The entertainment segment holds the dominant position in the global specialty lighting market. The demand for visually captivating and immersive experiences in entertainment venues has driven the adoption of advanced lighting solutions, including LED lighting, intelligent lighting systems, and special effects lighting, contributing to the dominance of this segment.
The fastest-growing segment in the global specialty lighting market is the medical segment. The increasing integration of specialty lighting in medical applications, such as surgical lighting, examination lighting, and diagnostic lighting, has surged due to the growing emphasis on efficient and precise medical procedures. Additionally, technological advancements in medical lighting, such as LED-based surgical lights and adjustable color temperature features, further fuel the segment's growth.
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Specialty Lighting Market Regional Insights
The dominant segment in the global specialty lighting market is North America. This region's dominance can be attributed to the strong presence of key players, technological advancements, and a high level of awareness regarding energy-efficient lighting solutions. North America has witnessed widespread adoption of specialty lighting across various sectors, including commercial, residential, and automotive industries, driving the market's growth in this region.
The fastest-growing segment in the global specialty lighting market is Asia Pacific. The rapid urbanization, increasing disposable income, and a booming construction industry are key factors contributing to the market's growth in this region. With a significant shift towards energy-efficient lighting solutions and smart lighting technologies, countries in Asia Pacific are experiencing a surge in the demand for specialty lighting in commercial, industrial, and infrastructure projects. Moreover, government initiatives promoting sustainable lighting and the growing awareness about the benefits of specialty lighting are further propelling the market's expansion in the Asia Pacific region.
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Specialty Lighting Market Dynamics
Specialty Lighting Market Drivers
Increasing Demand For Energy-Efficient Lighting Solutions
- One key driver of the global specialty lighting market is the increasing demand for energy-efficient lighting solutions. With rising concerns about environmental sustainability and energy conservation, there is a growing preference for lighting technologies that consume less power and have a longer lifespan. LED lighting, in particular, is a significant driver due to its superior energy efficiency compared to traditional lighting sources like incandescent bulbs and fluorescent lamps.
Specialty Lighting Market Restraints
High Initial Cost Of Advanced Specialty Lighting Solutions
- A key restraint of the global specialty lighting market is the high initial cost of advanced specialty lighting solutions. While LED technology and smart lighting offer long-term cost savings through reduced energy consumption and maintenance requirements, the upfront investment can be a deterrent for some consumers and businesses. The initial cost of purchasing and installing specialty lighting systems may hinder widespread adoption, especially in price-sensitive markets or regions with limited financial resources for infrastructure upgrades.
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Specialty Lighting Market Competitive Landscape
The competitive landscape of the global specialty lighting market is characterized by intense competition among various players striving to gain a significant market share. Companies are consistently focusing on research and development to innovate advanced and energy-efficient lighting solutions to cater to diverse industry needs. There is a trend of strategic partnerships, mergers, and acquisitions to expand product portfolios and geographical presence. Additionally, players are increasingly emphasizing sustainable practices and adopting eco-friendly manufacturing processes to meet stringent regulations and consumer demands for environmentally responsible lighting solutions. The market's competitive nature is driven by the continuous quest for cutting-edge technologies and the ability to offer customized lighting solutions across different applications and regions.
Specialty Lighting Market Top Player’s Company Profiles
- Advanced Specialty Lighting (US)
- Brandon Medical (UK)
- CREE (IDEAL INDUSTRIES, INC.) (US)
- Getinge AB (Sweden)
- Herbert Waldmann (Germany)
- Integra Lifesciences (US)
- OSRAM GmbH (Germany)
- Signify Holding (Netherlands)
- Steris PLC (US)
- USHIO (Japan)
- Acuity Brands (US)
- Zumtobel Group (Austria)
- Thorn Lighting (UK)
- Fagerhult Group (Sweden)
- LSI Industries Inc. (US)
- Hubbell Incorporated (US)
- Cooper Lighting Solutions (Eaton Corporation) (US)
- Heliospectra AB (Sweden)
- Lumileds Holding B.V. (Netherlands)
- TCP International Holdings Ltd. (Switzerland)
Specialty Lighting Market Recent Developments
- In May 2022, Signify successfully concluded the acquisition of Fluence, a business previously owned by ams OSRAM.
- In March 2022, Signify collaborated with Innovative Bioanalysis, a certified safety reference laboratory based in Costa Mesa, California, to conduct research validating the efficacy of UV-C upper-air disinfection luminaires in combating SARS-CoV-2, the virus responsible for COVID-19.
Specialty Lighting Key Market Trends
Increasing Adoption Of Smart Lighting Solutions
- One key market trend in the global specialty lighting market is the increasing adoption of smart lighting solutions. As the world moves towards digitalization and the Internet of Things (IoT) becomes more prevalent, the integration of smart technologies with lighting systems has gained significant momentum. Smart lighting allows for remote control, automation, and customization of lighting settings, offering enhanced energy efficiency and convenience to users. This trend is driven by the growing demand for intelligent lighting solutions in residential, commercial, and industrial sectors, as well as the rising popularity of smart homes and smart city initiatives worldwide.
Specialty Lighting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global specialty lighting market analysis, the global specialty lighting market is witnessing substantial growth, driven by increasing demand for energy-efficient lighting solutions and the rising adoption of LED technology. Despite the high initial cost of advanced specialty lighting solutions, companies in the market are focusing on research and development, strategic partnerships, and sustainable practices to stay competitive. Moreover, smart lighting solutions are becoming increasingly popular, integrating smart technologies and IoT capabilities to offer enhanced control and energy management for various sectors.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.26 billion |
| Market size value in 2031 | USD 9.27 billion |
| Growth Rate | 6.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Specialty Lighting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Specialty Lighting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Specialty Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Specialty Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Specialty Lighting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Specialty Lighting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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