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Specialty Lighting Market: Comprehensive Size Overview, Growth Projections, and Insights
Specialty Lighting Global Market Report 2024
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According to The Business Research Company's, The specialty lighting market size has grown strongly in recent years. It will grow from $6.68 billion in 2023 to $7.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to architectural and decorative lighting, energy efficiency, increased demand for enhanced illumination, growth in awareness of aesthetics and ambiance, expanding applications in healthcare and entertainment..
The specialty lighting market size is expected to see strong growth in the next few years. It will grow to $9.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to architectural and decorative lighting, energy efficiency, increased demand for enhanced illumination, growth in awareness of aesthetics and ambiance, expanding applications in healthcare and entertainment.. Major trends in the forecast period include smart lighting and iot integration, architectural lighting innovations, sustainable and eco-friendly lighting, uv and disinfection lighting, customizable lighting products.
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Market Drivers and Trends:
The increasing number of live music events and concerts is expected to propel the growth of the specialty lighting market going forward. Live music, events, and concerts can be referred to as public performances where music or dancing is usually done by individuals, several singers, instrumentalists, or both. Live music events and concerts use specialty lighting to illuminate the artists performing on stage, giving visual directions, conveying the location of performers, and providing a better environmental setting. For instance, according to Live Nation Entertainment Inc report 2022, a US-based entertainment company, in the second quarter of 2022, approximately 33.5 million people attended LiveNation shows which was 20% higher than 2019's 27 million. Additionally, LiveNation sold more than 100 million tickets in July 2022 as compared to 74 million in 2019. Therefore, the increasing number of live events and concerts is driving the demand for the specialty lighting market.
The adoption of the internet of things and smart lighting is a key trend gaining popularity in the specialty lighting market. Major market players are concentrating their efforts on implementing, bluetooth, artificial intelligence (AI) and the internet of things (IoT) in specialty lights to aid users in several aspects that allow customization, scheduling, and remote control of light. For instance, in June 2021, Panasonic, a Japanese-based consumer electronics manufacturer, launched a new range of smart bulbs with Bluetooth connectivity, making it easier and more affordable for users to get started with smart lighting. The new bulbs are available in three versions such as white, white ambiance, and white and color ambiance.
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Major Key Players of the Market:
Advanced Specialty Lighting Inc., Brandon Medical Company, Cree Inc., Getinge AB, Herbert Waldmann GmbH & Co. KG, Integra Life Sciences Pvt. Ltd, Osram Licht AG, Signify Holding BV, Ushio America Inc., Xylem Inc., Halma plc, Atlantic Ultraviolet Corporation, LG Electronics Inc., AU Optronics, InVisage Technologies, Nanoco Group plc, Sony Group Corporation, Quantum Materials Corp., Samsung Electronics Co. Ltd., StoreDot Ltd, Philips Lighting, Eterna Lighting Ltd., Acuity Brands Inc., Savant System Inc., Eaton Corporation, Feit Electric Company Inc., Hubbell Incorporated, LSI Industries Inc., Dialight plc., TCP International Holdings Ltd., Cooper Lighting Solutions, Fagerhult Group, Glamox AS, Havells India Ltd., Kenall Manufacturing
Specialty Lighting Market 2024 Key Insights:
• The specialty lighting market size is expected to see strong growth in the next few years. It will grow to $9.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Surge In Live Music Events And Concerts Sparks Growth In The Specialty Lighting Market
• Smart Lighting Integration Revolutionize The Specialty Lighting Market
• North America was the largest region in the specialty lighting market in 2023
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