Research Reveals Specialty Lighting Market to Grow to $7.8 Billion by 2027

The Specialty Lighting Market is expanding significantly; estimates place it at USD 5.7 billion in 2022 and USD 7.8 billion by 2027, a cumulative annual growth rate (CAGR) of 6.6% over this time.

The aforementioned growth trajectory highlights the growing need for specialised lighting solutions in diverse industries and applications. Technological developments, changing customer tastes, and the growing popularity of energy-efficient lighting options are some of the factors driving this increase. Due to advancements in design, functionality, and energy efficiency, the market for specialised lighting is expanding steadily as both consumers and companies place a high value on sustainability and aesthetics. Further driving market expansion are the widespread adoption of Internet of Things (IoT) and smart lighting systems, which provide improved customisation, control, and energy savings. All things considered, the market for speciality lighting is expected to grow significantly over the next several years due to a mix of changing customer demands and technology advancements.

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The Specialty Lighting Market is expanding significantly due to the growing need for better illumination in a variety of industries and the growing acceptance of lighting solutions designed for certain purposes. The growing requirement for UV lamps for disinfection—including water, air, and surface sterilization—especially in medical and healthcare settings, is one of the main factors driving this expansion. The demand for specialised lighting solutions designed to produce exciting visual experiences is also being driven by the growth of the entertainment industry and the proliferation of international events like music concerts. Speciality lighting is widely used in surgical and examination rooms in the medical field, where accurate lighting is essential for procedures and diagnosis. The market for specialty lighting solutions is anticipated to rise steadily as long as companies continue to place a high priority on efficiency, safety, and aesthetic appeal. This expansion will be fueled by a variety of applications and shifting customer demands across various industries.

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In medical facilities like hospitals, doctor's offices, and surgical centres, where accurate lighting is essential for the effectiveness of both big and minor surgical procedures, surgical specialty lighting is essential. To guarantee the best possible vision and precision during surgical procedures, these lighting solutions are used in a variety of forms, such as operating lights, operating room lights, surgical lamps, and surgical light heads. Various light sources, including LEDs and incandescent lights, are utilised to fulfil the varied needs of surgical settings. These lighting solutions find uses not only in medical settings but also in entertainment, purification, and other fields where certain illumination requirements must be satisfied.

The need for specialised lighting solutions is being driven by the increase of events like sporting tournaments and concert tours. The need for complex lighting settings is always increasing, as seen by the approximately one million people that visit over 800 music festivals each year in the United States alone. Similar trends are also being seen in nations like Japan, India, South Korea, Canada, Germany, France, Italy, and the United Kingdom. Speciality lighting suppliers can profit greatly from these occasions, creating significant income streams for them each year. The demand for creative and dynamic lighting solutions is still high as the global entertainment industry grows thanks to a wide range of events and performances, establishing speciality lighting as a crucial element in producing captivating and unforgettable experiences for viewers everywhere.

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Four major regions are used to define the entertainment lighting market: North America, Asia Pacific, Europe, and Rest of the World (RoW). In 2021, North America overtook the rest due to the fast-growing music business, increasing attendance at music festivals, and urbanisation trends. Numerous organisations, such as the European Music Council, the European Festivals Association, and the National Association of Music Merchants & International Music Products Association (NAMM), are supporting the expansion of the music industry in Europe and creating a favourable climate for the growth of the entertainment lighting market. Furthermore, the expansion of shopping centres, multiplexes, theatres, and other entertainment venues is being driven by changing lifestyle tastes, which is increasing demand for the entertainment and film industries in Europe. In the meantime, the film business is expanding in the Asia Pacific region as a result of a boom in the expansion of the entertainment market driven by innovations like autonomous drones and 3D technology. The evolution of South America's entertainment business is also being supported by the growing popularity of Latin music, a rise in foreign direct investment (FDI), and an increase in per capita disposable income. Together, these regional characteristics highlight the entertainment lighting market's global growth trajectory, which is being propelled by a wide range of causes, including cultural transformations and technology advances.

The major players in the specialty lighting market include Zebra Technologies (US), Alien Technology (US), CAEN specialty lighting (Italy), Impinj (US), Avery Dennison (US), Honeywell (US), NXP Semiconductors (Netherlands), GAO specialty lighting (Canada), HID Global (US), Invengo (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Ltd. (India), Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI) (India), ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), Securitag Assembly Group (SAG) (Taiwan), Linxens (France), Checkpoint Systems (US), Identiv (US), Confidex (Finland), Datalogic (Italy), Nedap (Netherlands), ThingMagic (Jadak Company) (US), and Omni-ID (US). 

Signify, a well-known lighting company with its headquarters located in the Netherlands, completed a major acquisition of Cooper Lighting Solutions in March 2020 for a large amount of $1.4 billion. The American company Cooper Lighting Solutions is well-known for its expertise in lighting solutions. The purpose of this well-planned acquisition was to increase Signify's market share in the lighting industry and to broaden its reach throughout North America. Signify sought to strengthen its market position and expand its range of innovative products by incorporating the product portfolio and experience of Cooper Lighting Solutions. With this purchase, Signify is making a calculated strategic decision to take advantage of synergies and combine the assets of both companies to propel growth and provide consumers with greater value in the ever-changing lighting market.

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