The global specialty lighting market size is expected to reach USD 8,580.93 million by 2030, according to a new study by Polaris Market Research. The report “Specialty Lighting Market Share, Size, Trends, Industry Analysis Report, By Light Source (Light-Emitting Diode, Halogen Lamps, Xenon Bulbs, Incandescent Lamps, and Metal Halide Lamps); By Application; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Rapidly growing adoption of lighting solutions for various purposes and the rising need for enhancing illumination across many industries including medicine and entertainment coupled with the growing prevalence of disinfection of water, air, and surface through UV lamps across the globe are major factors boosting the growth of the global market.
For instance, in June 2022, CREE LED, a subsidiary company of Smart Global, introduced new X-Lamp Element G LEDs, which enable maximum light output and better optical performance along with new levels of control and precision. The newly developed LED delivers nearly 3x the light output of the XQ E & 9x the lumen density of the XP-E2 & optimized for multi-color directional lighting products.
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The various film industries such as Hollywood and Bollywood are playing a significant role in the development of specialty lighting because of its benefit in the designing of lightweight fixtures and capabilities of LED lights to be utilized for a lengthy period, as it does not break due to their smaller glass frame which is installed inside the fixture, while the others are prone to breaking or fusing. In addition, growing technological advancements in product quality and rising efforts on the development of innovative solutions by key market companies by implementing various business developing strategies including increasing R&D, mergers, collaborations, acquisitions, and new product launches.
For instance, in September 2022, Exaktera LLC announced its new acquisition of Advanced Illumination, a provider of well-assembled specialty lights. With this acquisition, the company expected to expand its production of offerings in specialty LED solutions & expertise in machine vision.
Specialty Lighting Market Report Highlight
- LED segment accounted for a significant market revenue share, in 2021, due to its wide range of advantages such as longer life, energy-efficient, and cost-saving features
- Entertainment segment held the largest market share and is expected to grow over the anticipated period owing to the high dependence of the film industry on various lighting solutions
- North America region dominated the global market, which is mainly accelerated by the growing expansion of several end-use industries and the presence of robust healthcare systems in the United States and Canada
- The global market players include Smart Global Holdings, Advanced Specialty Lighting, American Ultraviolet, Advanced Stage Lights, and Altman Lighting
Polaris Market Research has segmented the specialty lighting market report based on light source, application, and region:
Specialty Lighting, Light Source Outlook (Revenue – USD Million, 2018 – 2030)
- Light-Emitting Diode
- Halogen Lamps
- Xenon Bulbs
- Incandescent Lamps
- Metal Halide Lamps
Specialty Lighting, Application Outlook (Revenue – USD Million, 2018 – 2030)
- UV Lamps
Specialty Lighting, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa