Specialty Lighting Market estimated to be $7.2 billion by 2024

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

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 end-use 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.

Specialty Lighting Market

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LEDs are widely used in specialty lighting systems, as they are energy efficient. 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.

The specialty lighting market for UV lamps is expected to grow at the highest CAGR during the forecast period. UV lamps are used in UV disinfection equipment for killing germs during air disinfection, water disinfection, and surface disinfection. The types of glass used to manufacture UV lamps are soft glass and hard quartz glass. Soft glass is generally cheaper than hard quartz glass. However, due to its hardness, quartz glass is less likely to break. UV lamps are broadly categorized into two types: mercury-based lamps and LED-based lamps. Mercury-based UV lamps have been traditionally used since the 1990s and hold a larger share of the UV lamps market.

In entertainment application, stage lighting is expected to grow at the highest CAGR during the forecast period. 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 also 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 complement the mood of the performance of artists on stage. This is expected to increase the adoption of stage lighting fixtures, which, in turn, is expected to boost the growth of the stage lighting market.

The specialty lighting market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. It is the fastest-developing region for most of the segments such as medical, UV lamps, and entertainment lighting. 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.