Specialty lighting market is projected to reach USD 7.8 billion by 2027
The specialty lighting market has been segmented by light source, application, and region. Product launches and developments were the key strategies adopted by the leading players in the market from January 2018 to November 2022.
Other strategies adopted by the players to grow in the market during this period were partnerships and collaborations, and acquisitions.
The specialty lighting market is witnessing a rise in demand in entertainment application. The growth of the specialty lighting market is driven by the growth in the number of music events, stringent government regulations pertaining to UV disinfection, and an increase in the adoption of surgical lighting for minor and major surgical procedures.
Reduction in energy consumption, and subsequently its cost, is one of the key factors making LEDs a preferred choice of users over conventional lights.
LEDs are replacing conventional light sources such as fluorescent lamps, High-intensity Discharge (HID) lamps, and High-pressure Sodium (HPS) lamps in entertainment and medical lighting applications. The entertainment lighting application primarily includes stage, studio, and cinema lights, while the medical lighting application includes surgical and examination lights.
Stage lighting segment of entertainment application to account for largest market share during forecast period
The increasing number of live performances and growing music industry are expected to positively impact the growth of the stage lighting segment. An increase in the use of stage lighting for concerts, plays, operas, dance performances, theater, and other performances is also expected to drive the growth of the stage lighting segment.
The increasing number of live performances and growing music industry are expected to positively impact the growth of the stage lighting market.
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