Global Specialty Lighting Market to Reach $8.1 Billion by 2027

Amid the COVID-19 crisis, the global market for Specialty Lighting estimated at US$5.5 billion in the year 2020, is projected to reach a revised size of US$8.1 billion by 2027, growing at aCAGR of 5.6% over the period 2020-2027. 

LED is projected to record 6.1% CAGR and reach US$5.9 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Light Sources segment is readjusted to a revised 4.5% CAGR for the next 7-year period.

The Specialty Lighting market in the U.S. is estimated at US$1.5 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2027 trailing a CAGR of 9.2% over the analysis period 2020 to 2027. 

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.