Global Specialty Lighting Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

“Global Specialty Lighting Market” is the title of an upcoming report offered by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global specialty lighting market has been segmented on the basis of light type, application, medical type, as well as regions and countries.

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Overview:

Specialty lighting involves bulbs that are manufactured with a particular shape, base design, or special built-in features to perform a particular lighting task, e.g. – tubular lamps for aquarium lighting.

Dynamics:

The increasing requirement for enhanced illumination various industries such as entertainment, medical etc., as well as the rising adoption of lighting solutions for special purposes are primary factors that are expected to boost revenue growth of the global specialty lighting market over the next 10 years. The use of UV lamps for disinfection purposes of air, surface and water is another primary factor that is expected to influence future market growth. Numerous technological innovations such as smart lighting solutions and the Internet of Things (IoT) are other factors that are impact this global market.

However, in light of the recent COVID-19 pandemic, the then-increasing number of live events such as sporting tournaments, concerts, etc. have all but come to a complete halt. This applies to the manufacturing and supply operations of key market players as well. These factors are slated to restrain market growth significantly in the years to come. The high installation costs associated with specialty lighting is another factor that may hamper future market growth.

Nonetheless, the expected demand for medical lighting due to the construction of temporary medical examination facilities and hospitals is anticipated to contribute in a positive manner to the short-term revenue growth of the global specialty lighting market.

Segmentation of the global specialty lighting market is as follows:

In terms of light type, the LED lighting segment accounted for the majority revenue share of the global specialty lighting market in 2019, owing to lesser heating, longer life, and cost-saving features when compared to traditional incandescent and halogen bulbs.

On the basis of application, the entertainment segment held the highest number of revenue shares in 2019, and is expected to continue to do so in the foreseeable future. The purification segment however is expected to register the highest rate of revenue growth of the global market in the coming years, due to the rising demand for water purification on a global-scale.

With respect to medical type, the surgical lighting segment accounted for the majority revenue share of the global specialty lighting market, as they are key to providing better visibility during surgical procedures.

Regional Segmentation and Analysis:

North America accounted for the majority revenue share of the global specialty lighting market in 2019, and is expected to continue to do so over the next 10 years. This can be attributed to the large presence of major lighting solutions providers in this region. However, the APAC region is expected to register the fastest rate of revenue growth over the years to come, due to the increasing use of specialty lighting across a host of industries.

Segmentation of the Global Specialty Lighting Market:

Segmentation by Light Type:

• LED
• Others

Segmentation by Application:

• Entertainment
• Medical
• Purification
• Others

Segmentation by Medical Type:

• Surgical
• Examination

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa