Global $7.2Bn Specialty Lighting Market Outlook, 2024 - Increasing Adoption of Surgical Lighting for Minor & Major Surgical Procedures

/EIN News/ -- Dublin, Oct. 01, 2019 (GLOBE NEWSWIRE) -- The "Specialty Lighting Market by Light Source (LED, Halogen Lamps, Xenon Bulbs, Incandescent Lamps), Application (Entertainment, Medical, UV Lamps), and Region (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Specialty Lighting Market is projected to reach US$ 7.2 billion by 2024 from US$ 5.4 billion in 2019, at a CAGR of 5.9% from 2019 to 2024.

Signify Holding (Signify, Netherlands), OSRAM Licht AG (OSRAM, Germany), Cree, Inc. (CREE, US), Ushio, Inc. (USHIO, Japan), Advanced Specialty Lighting, Inc. (Advanced Specialty Lighting, US), Getinge AB (Getinge, Sweden), Herbert Waldmann GmbH & Co. KG (Waldmann, Germany), Brandon Medical Co Ltd (Brandon Medical, England), Integra LifeSciences Corporation (Integra LifeSciences, US), and Steris PLC (Steris, US) are a few major players in the specialty lighting market.

Specialty lighting market to grow at CAGR of 5.9% from 2019 to 2024

The major drivers for the market's growth are the increasing number of live music events and concerts; stringent government regulations for air, water, and surface disinfection; growing penetration and adoption of surgical lighting for minor and major surgical procedures; and decreasing cost and increasing penetration of LEDs.

Underlying opportunities for the specialty lighting market include the increasing demand for ultrapure water from end-use industries and high growth prospects in new applications. Major restraints for the market are the perception of high cost of installation and limited awareness about payback periods. Misconceptions regarding UV purification systems pose a major challenge for the specialty lighting market.

LED segment to hold largest share of specialty lighting market during forecast period

LEDs are semiconductors that convert electricity to light through the movement of electrons. They have evolved as a major lighting technology, as they are more environmentally beneficial than high-intensity discharge (HID)/halogen lights in terms of power consumption, reliability, and durability.

In the entertainment application, LED light sources enhance the quality of light, heat dissipation, and light distribution, which increases their use in special lighting applications. LEDs save energy and require less maintenance. Companies such as Signify, OSRAM, Cree, and Ushio America offer LED specialty lighting. The LED segment is leading the specialty lighting market, and this trend is expected to continue during the forecast period as well.

Among all applications, entertainment to hold largest share of specialty lighting market from 2019 to 2024

Entertainment lighting leads the specialty lighting market. Entertainment lighting includes lamps that maintain the focus of the audience and provide proper intensity, color distribution, and direction to the performers. Entertainment lighting has various applications, including stage, studio, and others.

Stage lighting leads the entertainment lighting segment, followed by studio and others, and this trend is expected to remain the same during the forecast period. Due to the increasing number of musical events, the demand for specialty lighting for entertainment is likely to increase in the coming years.

North America to hold second-largest share of specialty lighting market during forecast period

Cree (US), USHIO America (US), Advanced Specialty lighting (US), and Integra LifeSciences (US) are a few key players that are based in North America. These companies have majorly contributed to the growth of the specialty lighting market in the region. North America is popular for holding leading music festivals such as Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo Festival.

Growing participation in music festivals and increasing urbanization have driven the entertainment lighting market in the region. In 2017, the total number of hospitals in the US was 5564, which is expected to reach 6210 by the end of 2019. This is expected to increase the number of surgical procedures and examination procedures. These factors drive the market for specialty lighting in North America.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Specialty Lighting Market
4.2 Market, By Light Source
4.3 Market in Asia Pacific, By Application and Country
4.4 Market, By Application
4.5 Market, By Country, 2019

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Number of Live Music Events and Concerts
5.2.1.2 Stringent Government Regulations for Air, Water, and Surface Disinfection
5.2.1.3 Increasing Adoption of Surgical Lighting for Minor and Major Surgical Procedures
5.2.1.4 Increasing Penetration and Decreasing Cost of LEDs
5.2.2 Restraints
5.2.2.1 Perception of Higher Cost of Installation and Limited Awareness About Payback Periods
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Ultrapure Water From End-Use Industries
5.2.3.2 High Growth Prospects in New Applications
5.2.4 Challenges
5.2.4.1 Misconceptions Regarding UV Purification Systems

6 Specialty Lighting Market, By Light Source
6.1 Introduction
6.2 Light-Emitting Diode (LED)
6.2.1 LED to Dominate Specialty Lighting Market During the Forecast Period
6.3 Others

7 Specialty Lighting Market, By Application
7.1 Introduction
7.2 Entertainment
7.2.1 Entertainment Lighting is A Major Contributor in the Specialty Lighting Market
7.3 Medical
7.3.1 Medical Lights are Used to Assist Doctors During Surgical Procedures and Examination
7.4 UV Lamps
7.4.1 UV Lamps to Exhibit Highest Growth in Coming Years
7.5 Others

8 Specialty Lighting Market for Entertainment Lighting
8.1 Introduction
8.2 Stage Lighting
8.2.1 Increasing Number of Live Performances & Music Events to Positively Impact Stage Lighting Segment
8.3 Studio Lighting
8.3.1 Studio Lighting Produce Desired Ambience During A Shoot
8.4 Others
8.5 Entertainment Lighting Market, By Region
8.5.1 North America to Dominate Entertainment Lighting Market

9 Specialty Lighting Market, for Medical Lighting
9.1 Medical Lighting Market, By Application
9.1.1 Introduction
9.1.2 Surgical Lighting
9.1.2.1 APAC to Exhibit Highest Growth for Surgical Lighting Market
9.1.3 Examination Lighting
9.1.3.1 North America Held the Largest Market for Examination Lighting in 2018
9.2 Medical Lighting Market, By Region
9.2.1 APAC has Tremendous Opportunities for Medical Lighting in Coming Years

10 Specialty Lighting Market, for UV Lamps
10.1 UV Lamps Market, By Application
10.1.1 Introduction
10.1.2 Air Purification
10.1.2.1 UV Disinfection of Air is A Highly Effective Way to Destroy Microorganisms
10.1.3 Water Purification
10.1.3.1 Water Purification Held the Largest Market for UV Lamps in 2018
10.1.4 Surface Purification
10.1.4.1 Disinfection of Surfaces is One of the Important Application of UV Disinfection Equipment
10.2 UV Lamps Market, By Region
10.2.1 UV Lamps Market in APAC to Grow at the Highest Rate During the Forecast Period

11 Specialty Lighting Market, for Other Application
11.1 Market for Other Applications
11.1.1 Introduction
11.1.2 Airport Lighting
11.1.2.1 LED is the Main Light Source for Airport Lighting
11.1.3 Insect Traps Lighting
11.1.3.1 North America to Dominate Insect Trap Lighting Market in Coming Years
11.2 Market for Other Applications, By Region
11.2.1 North America to Hold the Largest Market Share for Other Applications

12 Geographic Analysis
12.1 Introduction
12.2 North America
12.2.1 US
12.2.1.1 US is the Largest Market for Specialty Lighting in the North America Region
12.2.2 Canada
12.2.2.1 Canada Specialty Lighting Market to Exhibit Highest Growth in the North America Region
12.2.3 Mexico
12.2.3.1 Mexico Market to Grow at A Stable Rate in Coming Years
12.3 Europe
12.3.1 Germany
12.3.1.1 Germany is One of the Major Consumers of Specialty Lighting in the European Region
12.3.2 UK
12.3.2.1 UV Disinfection Equipment Market in the UK has Remained Remarkably Strong Since the Last Few Years
12.3.3 France
12.3.3.1 France Accounted for Significant Market Share in Europe Specialty Lighting Market
12.3.4 Rest of Europe
12.4 Asia Pacific
12.4.1 China
12.4.1.1 China is One of the Leading Markets for Specialty Lighting in the Asia Pacific Region
12.4.2 Japan
12.4.2.1 Japan is One of the Leading Countries in APAC for Specialty Lighting
12.4.3 India
12.4.3.1 India Specialty Lighting Market to Grow at the Highest Cage During in the Forecast Period
12.4.4 South Korea
12.4.4.1 Need for Clean and Safe Water, Along With A Constant Effort From Government Utilities to Drive the Market in South Korea
12.4.5 Rest of Asia Pacific
12.5 Rest of the World (RoW)
12.5.1 Middle East
12.5.1.1 Middle East to Grow at a Higher Rate in RoW Specialty Lighting Market
12.5.2 South America
12.5.2.1 Brazil, Argentina, and Chile are the Key Contributors in South American Market for Specialty Lighting

13 Competitive Landscape
13.1 Overview
13.2 Specialty Lighting Market: Market Ranking Analysis, 2018
13.3 Competitive Situations and Trends
13.3.1 Mergers & Acquisitions
13.3.2 Expansions
13.4 Competitive Leadership Mapping
13.4.1 Visionary Leaders
13.4.2 Innovators
13.4.3 Dynamic Differentiators
13.4.4 Emerging Companies

14 Company Profile
14.1 Key Players
14.1.1 Signify Holding (Formerly Philips Lighting)
14.1.2 OSRAM
14.1.3 CREE
14.1.4 USHIO
14.1.5 Advanced Specialty Lighting
14.1.6 Getinge AB
14.1.7 Herbert Waldmann
14.1.8 Brandon Medical
14.1.9 Integra Lifesciences
14.1.10 Steris PLC
14.1.11 Halma
14.1.12 Atlantic Ultraviolet
14.1.13 Xylem
14.1.14 Advanced UV
14.1.15 American Ultraviolet
14.2 Other Important Players
14.2.1 Martin Professional
14.2.2 Altman Lighting
14.2.3 Chauvet & Sons
14.2.4 Guangzhou Yajiang Photoelectric Equipment Co.
14.2.5 Daray Medical
14.3 Start-up Ecosystem
14.3.1 Color Imagination LED Lighting
14.3.2 Advanced Stage Lights
14.3.3 Technomed India
14.3.4 Simeon Medical
14.3.5 Crystal IS

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