Global Specialty Lighting Market is valued approximately at USD 5.67 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 7% over the forecast period 2021-2027. Increasing demand from health sector, more lifespan of LED lights as compared to traditional lights and increasing investment in the sector in form of merger and acquisitions and others are fueling the market demand. For instance, in 2018, Philips Lighting acquired Shenzhen LiteMagic Technologies Co., Ltd. The acquisition broadened Philips’ portfolio of facade lighting with a complementary portfolio of control systems and luminaires which helped the company in increasing its customer base. Furthermore, due to growing number of music events the market is expected to grow in the future. However, high initial deployment and maintenance cost of specialty lighting is anticipated to hamper the market growth.
Asia Pacific, North America, Europe, Latin America, and Rest of the World are the regions taken into consideration in regional analysis of the global Specialty Lighting Market. North America is the significant region across the world in terms of market share due to growing population in music festivals and increasing urbanization. Whereas Asia Pacific is anticipated to exhibit the highest CAGR over the forecast period 2021-2027, due rising usage of specialty lighting across multiple industries.
Major market player included in this report are:
Advanced Specialty Lighting
Cree (Ideal Industries Inc.)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Medical Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Specialty Lighting Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers