Specialty Lighting Global Market Report 2024

Specialty lighting refers to the illumination of specific shapes, bases, designs, and fixtures with unique built-in characteristics designed to fulfill distinct lighting needs. Due to its specialized features and applications, specialty lighting is employed where standard lighting solutions are not suitable. It finds use in various specific applications such as stage and studio lighting, automotive or marine lighting, medical or scientific lighting, and water or air sanitizing lighting.

The primary types of specialty lighting include surgical and examination lighting. Surgical specialty lighting is utilized in environments like hospitals, medical offices, and surgical centers for both major and minor surgeries. This category encompasses operating lights, operating room lights, surgical lamps, and surgical light heads. Various light sources, including LEDs, incandescent lamps, and others, are applied in specialty lighting solutions catering to entertainment, medical, purification, and other specific purposes.

The specialty lighting market research report is one of a series of new reports that provides specialty lighting market statistics, including specialty lighting industry global market size, regional shares, competitors with specialty lighting market share, detailed specialty lighting market segments, market trends and opportunities, and any further data you may need to thrive in the specialty lighting industry. This specialty lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 factors such as the demand for architectural and decorative lighting, a focus on energy efficiency, increased interest in enhanced illumination, a growing awareness of aesthetics and ambiance, and 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, growing awareness of aesthetics and ambiance, and expanding applications in healthcare and entertainment. Major trends in the forecast period include the integration of smart lighting and IoT, innovations in architectural lighting, sustainable and eco-friendly lighting, UV and disinfection lighting, and customizable lighting products.

The specialty lighting market is poised for growth due to the increasing number of live music events and concerts. These public performances utilize specialty lighting to illuminate stages, enhance visual experiences, and create immersive environments for attendees. The demand for specialty lighting is on the rise, as evidenced by Live Nation Entertainment Inc.'s report in 2022, which indicated a substantial increase in the number of people attending Live Nation shows compared to 2019. This surge in live events and concerts is a significant driver for the specialty lighting market.

Another factor contributing to the growth of the specialty lighting market is the widespread adoption of Light-emitting diodes (LEDs). LEDs, as semiconductor devices emitting light when an electric current is applied, are increasingly preferred for their energy efficiency and customizable lighting solutions. The U.S. Energy Information Administration's projection in October 2021 suggests that LED lighting is expected to dominate commercial lighting needs, reaching up to 95% by 2050. This widespread adoption of LEDs is a key driver for the specialty lighting market.

A notable trend in the specialty lighting market is the adoption of the Internet of Things (IoT) and smart lighting. Market leaders are incorporating technologies like Bluetooth, Artificial Intelligence (AI), and IoT into specialty lights, enabling users to customize, schedule, and control lighting remotely. Panasonic's introduction of a new range of smart bulbs in June 2021, featuring Bluetooth connectivity, exemplifies this trend. The bulbs offer users options such as white, white ambiance, and white and color ambiance, showcasing the integration of smart technologies in specialty lighting.

Major companies in the specialty lighting market are pursuing a strategic partnership approach to drive production and market expansion. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. For instance, TTI Inc., a U.S.-based electronic component company, entered into a partnership with Cree LED, a specialty lighting company. This collaboration aims to broaden the companies' channel and customer base, extend their reach into specialty lighting, eMobility, and industrial markets, and offer customers an extensive range of LED solutions.

In October 2023, Excelitas Technologies Corp., a U.S.-based industrial company, acquired Heraeus Noblelight for an undisclosed amount. This acquisition positions Excelitas as a specialist in photonics technology for lighting, optronics, detection, and optical technology needs. Heraeus Noblelight, based in Germany, specializes in developing and manufacturing specialty lamps, emitters, and systems, contributing to Excelitas' portfolio in the specialty lighting market.

Major companies operating in the specialty lighting market include 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

North America was the largest region in the specialty lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the specialty lighting market share during the forecast period. The regions covered in the specialty lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the specialty lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The specialty lighting market consists of sales of tape lights, microlights, LED boards, and RGB controllers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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