With 6.6% CAGR, Specialty Lighting Market Growth to Surpass USD 5.7 billion

The specialty lighting market is projected to reach USD 7.8 billion by 2027 from USD 5.7 billion in 2022; it is expected to grow at a CAGR of 6.6% from 2022 to 2027.

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Increasing adoption of lighting solutions for special purposes and the need for enhanced illumination across medical, entertainment, and UV Lamps are promoting the market growth. The UV lamps for the disinfection of surface, air, and water are anticipated to be the key growth driver. Moreover, an increasing number of global events, such as music concerts, and the rapidly growing entertainment industry are augmenting the demand for specialty lighting solutions. The main types of medical specialty lighting include surgical and examination. Surgical specialty lighting is used in hospitals, medical offices, and surgical centers for major or minor surgeries. They are used in operating lights, operating room lights, surgical lamps, and surgical light heads. The different light sources include LEDs, incandescent lamps, and others that are used in entertainment, medical, purification, and other applications. The increased number of events like concert tours and sports competitions boosts the demand for specialty lighting. The U.S. hosts over 800 music festivals per year, attracting a crowd of nearly 1 million people. Other than the U.S., Japan, India, South Korea, Canada, Germany, France, Italy, and the U.K. are some of the most popular countries for music concerts. Hence, the commencement of these big events helps specialty lighting vendors in generating a significant amount of revenue every year.

Based on region, the entertainment lighting market is segmented into four main regions: North America, Asia Pacific, Europe, and Rest of the World (RoW). North America led the entertainment lighting market in 2021 owing to the rapidly expanding music industry, growing participation in music festivals, and increasing urbanization. The increasing number of musical events and support of various associations such as National Association of Music Merchants & International Music Products Association (NAMM), European Festivals Association, European Music Council, etc., are expected to drive the growth of the European music industry. This is expected to fuel the market for entertainment lighting in Europe. In addition, the changing lifestyle of masses is driving the growth of malls, multiplexes, theaters, and entertainment venues, which is further propelling the growth of the entertainment and film industries. Advancements in technologies such as 3D technology, autonomous drones, etc., have resulted in the growth of the film industry. This, in turn, fuels the growth of the entertainment market in the Asia Pacific region. The increasing popularity of Latin music and growing inflow of FDI and per capita disposable income are augmenting the evolution of the entertainment market in the South American region.

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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). These players are continuously
In March 2020, Signify, a Netherlands-based lighting corporation engaged in manufacturing LED lighting systems, software, and services, acquired Cooper Lighting Solutions for a deal amount of $1.4 billion. The acquisition is aimed at strengthening Signify's position in the lighting market and growing in the North American region with increased innovative offerings. Cooper Lighting Solutions is a US-based lighting manufacturer operating in specialty lighting.

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