Global Specialty Lighting Market is valued approximately at USD 5.09 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 6.0% over the forecast period 2019-2026. Specialty lighting is a type of lighting that offers illumination and power distribution solutions for commercial, residential and industrial spaces. This lighting continues to support the several markets such as retail, hospitality, education, furnishings, healthcare and commercial market. Specialty Lighting’s product offering consist of downlighting, task lighting, accent lighting, linear lighting, undercabinet lighting, power distribution, controls and accessories. Rising number of live music events and concerts; strict government regulations for air, water, and surface disinfection; rising adoption of surgical lighting for minor and major surgical procedures and increasing penetration of LEDs are the few factorfactors responsible for high CAGR of the market over the forecast period. For instance: Globally, it is estimated that LED penetration of the global lighting market was around 35% in 2017 and is expected to grow to almost 61% by 2020, as per the in-house research.
Also, according to the U.S. Department of Energy, from 2014 to 2016, installations of LED products have increased in all applications, more than quadrupling to 874 million units, increasing penetration to 12.6% of all lighting. Moreover, increasing demand for ultrapure water from end-use industries along with rising urbanization worldwide are the few factor likely to offer lucrative growth opportunity to the market in the upcoming years. However, higher cost of installation and lack of awareness associated with payback periods are few factorfactors anticipated to limiting the growth of global Specialty Lighting market during the forecast period.
The regional analysis of global Specialty Lighting Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing participation in music festivals and increasing urbanization have motivated the entertainment lighting market in the region. However, Asia-Pacific is anticipated to exhibit highest growth rate/CAGR over the forecast period 2019-2026. Factors such as increasing demand for UV disinfection equipment along with growing need to control the maintenance cost of lighting systems that would create lucrative growth opportunities for the Specialty Lighting market across Asia-Pacific region.
Major market player included in this report are:
- Signify Holding (Formerly Philips Lighting)
- Getinge AB
- Herbert Waldmann
- Brandon Medical
- Integra Lifesciences
- Steris PLC
- Advanced Specialty Lighting
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Light Source:
- Halogen Lamps
- Xenon Bulbs
- Incandescent Lamps
- UV Lamps
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2016, 2017
- Base year – 2018
- Forecast period – 2019 to 2026
Target Audience of the Global Specialty Lighting Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers