With a projected value increase from USD 5.7 billion in 2022 to about USD 7.8 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 6.6%, the Specialty Lighting Market is expected to witness considerable expansion. Light-emitting diodes (LEDs), halogen lamps, xenon bulbs, incandescent lamps, and metal halide lamps are only a few of the light sources blamed for this rise. The market's development is also driven by a variety of uses, including UV lamps, medical devices, and entertainment. The primary geographical segments influencing this expansion are North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).

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Speciality lighting has widespread uses in the entertainment, medicinal, and UV lamp industries. Airport lighting also has a promising future. Due to its crucial role in supporting airport operations and improving appearances for night flights, the airport lighting market is expanding. It includes lighting technologies that are essential for enhancing pilot visibility during flight phases like takeoff and landing. Airports are proactively updating their lighting systems due to a growing focus on infrastructure expansion and the aim to create standards for airports of the highest calibre. This tactical shift not only strengthens their operating capabilities but also creates new opportunities for makers of speciality lighting, offering bright business possibilities throughout the forecast period.

The major players in the Specialty Lighting Market include Signify (Netherlands), OSRAM (Germany), SMART Global Holdings (Cree LED) (US), Ushio (Japan), Advanced Specialty Lighting (US), Herbert Waldmann (Germany), Getinge AB (Sweden), Brandon Medical (England), Integra Lifesciences (US), American Ultraviolet (US), Steris PLC (UK), Halma (US), and Advanced UV (US).

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In Application Type, the entertainment application is expected to hold the highest market share of the Specialty Lighting Market during the forecast period

In the Specialty Lighting Market, the entertainment application currently holds a strong position and is anticipated to continue holding the largest market share. Stage, studio, and other event lighting play a crucial part in generating the dramatic effects that are required for plays and presentations by illuminating these locations. The principal light sources utilised in this area include incandescent lights, halogen lamps, xenon lamps, and LED lighting. Intensity, colour distribution, and direction are all properly controlled to attract the audience and improve artists' visibility. Stage lighting is the most popular application for entertainment lighting, followed by studio and other applications. The increased number of musical events is expected to increase demand for speciality lighting in the entertainment industry. Geographically, North America accounted for a sizable portion of the entertainment lighting market in 2021, propelled by trends in urbanisation, the booming music festival business, and the region's increasing music scene. Furthermore, it is projected that Europe would have significant growth supported by an increase in musical events and a changing lifestyle, supporting the entertainment and film industries and fueling the expansion of entertainment venues including malls, multiplexes, and theatres.

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The North America Specialty Lighting Market is projected to have the highest market share during the forecast period

Throughout the projection period, it is predicted that the North American Specialty Lighting Market will continue to have the largest market share. This forecast is the result of a thorough research of the markets in North America, Europe, Asia Pacific, and the rest of the world (RoW). Due to a number of important variables, North America already has the greatest market share in 2021 and is predicted to keep up this trend. Major music festivals that have been held in the area include Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo Festival, which highlights the high market demand for specialised lighting in the entertainment industry. The market for entertainment lighting applications will also benefit from rising attendance at music festivals and urbanisation trends. The need for specialised lighting, particularly in medical applications, will be driven by the growing number of hospitals in the US—which is estimated to reach 6,093 in 2021—as well as the anticipated rise in surgical procedures and patient examinations. These factors will support market expansion in North America.

Key Players of Specialty Lighting Market:

Signify (Netherlands), OSRAM (Germany), SMART Global Holdings (Cree LED) (US), Ushio (Japan), Advanced Specialty Lighting (US), Herbert Waldmann (Germany), Getinge AB (Sweden), Brandon Medical (England), Integra Lifesciences (US), American Ultraviolet (US), Steris PLC (UK), Halma (US), Advanced UV (US), Martin Professional (Denmark), Altman Lighting (US), Guangzhou Yajiang Photoelectric Equipment Co. (China), Chauvet & Sons (US), Daray Medical (UK), Color Imagination LED Lighting (China), Advanced Stage Lights (India), Technomed India (India), Simeon Medical (Germany), Crystal IS (US), and XYLEM (US).

News Covered:

https://www.prnewswire.com/news-releases/specialty-lighting-market-worth-7-8-billion-by-2027---exclusive-report-by-marketsandmarkets-301686678.html

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