Specialty Lighting Market To Generate USD 8,746.1 Million Revenue by 2030

The specialty lighting market size is expected to advance at a CAGR of 5.8% during 2022–2030, to reach USD 8,746.1 million by 2030. This can be ascribed to the increasing adoption of LEDs due to their decreasing cost, the surging development of smart cities, the rising number of events, the mounting use in medical applications, and governments following strict regulatory measures related to safe and clean drinking water supply to individuals.

The government bodies and organizations that have imposed strict regulations include the U.S. Environmental Protection Agency (EPA), the European Commission (EC), and the U.S. Food and Drug Administration (FDA). Some of the regulations and norms include the clean water act for water disinfection, drinking water directive (DWD), surface disinfection, and air disinfection, in the municipal and industrial sectors. These boost the need for UV purification by using UV lamps, which, in turn, contribute to the growth of the market.

Rising Adoption of Lighting in Various Surgical Procedures Boosts the Demand

Specialized lighting is required in medical and surgical systems. For surgeons to have an unobstructed view of the body part under observation or examination and differentiate unhealthy tissues from healthy ones, these systems ensure shadow-free illuminated areas along with true color rendering. Further, it also ensures low maintenance, minimal thermal radiation, and better energy efficiency. Thus, the adoption of technologically advanced lights is increasing in medical applications.

Moreover, the rising technological advancements, the increasing disposable income in emerging regions, such as APAC and Latin America, and the surging government focus on enhancing healthcare infrastructure and facilities are driving the demand for medical lights. These provide optimal illumination during medical examination and surgical procedures, such as dental surgery, neurosurgery, optical surgery, and endoscopic surgery. At the time of surgeries, specialty lighting offers high-intensity light, which is also shadow-free and is bright for imaging tiny objects at low contrast inside the spaces present.

APAC Market To Witness Fastest Growth

The APAC market is expected to show the fastest growth, advancing at a CAGR of 7%, during the forecast period. This can be attributed to the rising demand for LEDs due to their longevity and energy efficiency and government encouragement. Also, various industries are using special lights for different applications. One of the most preferred markets is the entertainment sector. Moreover, the growth in demand is supported by the extensive use of such lights in harbors for lightening up and improving safety and productivity while operating at night, and the surging development of smart cities in the region.

Governments have implemented various policies in order to support the development of the industry, some of them are the Domestic Efficient Lighting Program (DELP) and Street Light National Program (SLNP). The main aim of these policies is to minimize the share of national energy use for light and promote energy-efficient systems. For instance, compared to incandescent lights, LEDs offer high efficiency at a low cost. The life span of incandescent bulbs is around 1,000 hours, whereas most LEDs last around 100,000 hours, which gives LED lighting an edge over incandescent bulbs.

The most-significant specialty lighting market players are Signify N.V., Advanced Specialty Lighting, Brandon Medical Co. Ltd., Ushio Inc., Getinge AB, Herbert Waldmann GmbH & Co. KG, ams OSRAM, Altman Lighting, and SYSKA LED Lights.