Specialty Lighting Global Market Report 2023

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New York, March 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Specialty Lighting Global Market Report 2023” – https://www.reportlinker.com/p06426337/?utm_source=GNW
Ltd., Osram Licht AG, Signify N.V., 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., and StoreDot Ltd.

The global specialty lighting market grew from $6.1 billion in 2022 to $6.73 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The specialty lighting market is expected to grow to $9.35 billion in 2027 at a CAGR of 8.5%.

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.

Specialty lighting refers to lighting of certain shapes, bases, designs, and special built-in characteristics that accomplish different lighting tasks.Due to its size and functionality, specialty lighting is used where standard lighting is unsuitable.

It is used in specific applications such as stage and studio, automotive or marine, medical or scientific, and water or air sanitizing lighting.

North America was the largest region in the specialty lighting market in 2022.Asia-Pacific is expected to be the fastest-growing region in 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 main types of specialty lighting include surgical and examination.Surgical specialty lighting is used in hospitals, medical offices, and surgical centers for major or minor surgeries.

They are used in operating lights, operating room lights, surgical lamps, and surgical light heads. The different light sources include LEDs, incandescent lamps, and others that are used in entertainment, medical, purification, and other applications.

The increasing number of live music events and concerts is expected to propel the growth of the specialty lighting market going forward.Live music, events, and concerts can be referred to as public performances where music or dancing is usually done by individuals, several singers, instrumentalists, or both.

Live music events and concerts use specialty lighting to illuminate the artists performing on stage, giving visual directions, conveying the location of performers, and providing a better environmental setting. For instance, according to Live Nation Entertainment Inc report 2022, a US-based entertainment company, in the second quarter of 2022, approximately 33.5 million people attended LiveNation shows which was 20% higher than 2019’s 27 million. Additionally, LiveNation sold more than 100 million tickets in July 2022 as compared to 74 million in 2019 . Therefore, the increasing number of live events and concerts is driving the demand for the specialty lighting market.

The adoption of the internet of things and smart lighting is a key trend gaining popularity in the specialty lighting market.Major market players are concentrating their efforts on implementing artificial intelligence (AI) and the internet of things (IoT) in specialty lights to aid users in several aspects that allow customization, scheduling, and remote control of light.

For instance, in October 2020, Panasonic, a Japanese-based consumer electronics manufacturer, launched Wi-Fi-enabled smart led bulbs with automated scheduling functions and voice command features in India, enabling features such as user data security, auto-scheduling of lights, and multi-color options of lighting.The Panasonic Smart Wi-Fi app, which is freely accessible on the Google Play Store and App Store, may be used to control the new Smart Wi-Fi LED bulb.

The experience of the product can be improved by using Google Assistant and Alexa’s voice commands to connect to and operate the lightbulb.The Smart LED Bulb will eventually be a component of the linked ecosystem that is seamlessly integrated with Panasonic’s MirAIe, an advanced IoT and AI-enabled connected living platform.

The user data security features of this software are genuinely exceptional.

In March 2020, Signify, a Netherlands-based lighting corporation engaged in manufacturing LED lighting systems, software, and services, acquired Cooper Lighting Solutions for an amount of $1.4 billion. The acquisition is aimed at strengthening Signify’s position in the lighting market and growing in the North American region with increased innovative offerings. Cooper Lighting Solutions is a US-based lighting manufacturer operating in specialty lighting.

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

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.

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.
Read the full report: https://www.reportlinker.com/p06426337/?utm_source=GNW

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