Specialty Lighting Market expected to be worth $7.2 billion by 2024

(IT-NEWSWIRE.COM, August 05, 2019 ) The report "Specialty Lighting Market by light source (LED, Halogen Lamps, Xenon Bulbs, Incandescent Lamps), application (Entertainment, Medical, UV Lamps), and Region (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2024", 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 end-use industries and high growth prospects in new applications.

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LED light source for specialty lighting to grow at higher CAGR 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 high-intensity 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.

Entertainment to hold largest share of specialty lighting market during forecast period

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 music events, the demand for specialty lighting for entertainment is likely to increase in the coming years.

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Asia Pacific specialty lighting market expected to grow at highest CAGR during forecast period

Asia Pacific is the fastest-developing region for most of the segments such as medical, UV lamps, and entertainment lighting. The region represents the fastest-growing market worldwide during the forecast period. The increasing demand for UV disinfection equipment among residential, commercial, municipal, and industrial end users is the key driving factor for the high growth of UV disinfection equipment market, which subsequently fuels the growth of the UV lamps market. The expansion of airport infrastructure and the need to control the maintenance cost of lighting systems fuel the growth of the airport lighting market in the region. Countries such as China, Japan, South Korea, India, Taiwan, Australia, and Singapore are expected to be the major contributors to the Asia Pacific specialty lighting market.

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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.

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Specialty Lighting Market expected to be worth $7.2 billion by 2024