Specialty lighting market to grow at CAGR of 5.9% from 2019 to 2024
The specialty lighting market is projected to reach USD 7.2 billion by 2024 from USD 5.4 billion in 2019, at a CAGR of 5.9% from 2019 to 2024. The major drivers for the market's growth are the increasing number of live music events and concerts; stringent government regulations for air, water, and surface disinfection; growing penetration and adoption of surgical lighting for minor and major surgical procedures; and decreasing cost and increasing penetration of LEDs. Underlying opportunities for the specialty lighting market include the increasing demand for ultrapure water from enduse industries and high growth prospects in new applications. Major restraints for the market are the perception of high cost of installation and limited awareness about payback periods. Misconceptions regarding UV purification systems pose a major challenge for the specialty lighting market.
LED segment to hold largest share of specialty lighting market during forecast period
LEDs are semiconductors that convert electricity to light through the movement of electrons. They have evolved as a major lighting technology, as they are more environmentally beneficial than highintensity discharge HID/halogen lights in terms of power consumption, reliability, and durability. In the entertainment application, LED light sources enhance the quality of light, heat dissipation, and light distribution, which increases their use in special lighting applications. LEDs save energy and require less maintenance. Companies such as Signify, OSRAM, Cree, and Ushio America offer LED specialty lighting. The LED segment is leading the specialty lighting market, and this trend is expected to continue during the forecast period as well.
Among all applications, entertainment to hold largest share of specialty lighting market from 2019 to 2024
Entertainment lighting leads the specialty lighting market. 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 this 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.
North America to hold secondlargest share of specialty lighting market during forecast period
Cree US, USHIO America US, Advanced Specialty lighting US, and Integra LifeSciences US are a few key players that are based in North America. These companies have majorly contributed to the growth of the specialty lighting market in the region. North America is popular for holding leading musical festivals such as Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo Festival. Growing participation in music festivals and increasing urbanization have driven the entertainment lighting market in the region. In 2017, the total number of hospitals in the US was 5564, which is expected to reach 6210 by the end of 2019. This is expected to increase the number of surgical procedures and examination procedures. These factors drive the market for specialty lighting in North America.
Breakdown of primary participants' profile:
By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
By Designation: CLevel Executives = 35%, Directors = 30%, and Others = 35%
By Region: North America = 40%, Europe = 25%, APAC = 20%, and RoW = 15%
Signify Holding Signify, Netherlands, OSRAM Licht AG OSRAM, Germany, Cree, Inc. CREE, US, Ushio, Inc. USHIO, Japan, Advanced Specialty Lighting, Inc. Advanced Specialty Lighting, US, Getinge AB Getinge, Sweden, Herbert Waldmann GmbH Co. KG Waldmann, Germany, Brandon Medical Co Ltd Brandon Medical, England, Integra LifeSciences Corporation Integra LifeSciences, US, and Steris PLC Steris, US are a few major players in the specialty lighting market.
Research Coverage:
Light source, application entertainment, medical, UV lamps, others, and geography are the segments covered in this report. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons to Buy the Report:
This report includes statistics pertaining to the specialty lighting market in terms of light source, application entertainment, medical, UV lamps, others and geography, along with their respective market sizes.
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 and subsegments.