According to the "Specialty Lighting Market by Light Source, Application, and Region - Global Forecast to 2027" analysis, the market is expected to grow rapidly. The Specialty Lighting Market is anticipated to increase from USD 5.7 billion in 2022 to USD 7.8 billion by 2027, registering a strong Compound Annual Growth Rate (CAGR) of 6.6% from 2022 to 2027.

The study provides information on the market's various facets, including various light sources like Light-Emitting Diodes, Halogen Lamps, Xenon Bulbs, Incandescent Lamps, and Metal Halide Lamps as well as applications like Entertainment, Medical, and UV Lamps, across continents like North America, Europe, APAC, and RoW.

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Applications for speciality lighting are widely used in the entertainment, medical, and UV lamp industries, with developing markets like airport lighting exhibiting strong growth potential. Notably, improvements are being made to the airport's lighting systems, which are essential for nighttime flights and operational assistance. As airports around the world invest in infrastructural advancement and expansion, this trend opens up new opportunities for speciality lighting manufacturers to capitalise on the rising demand for cutting-edge, international airport lighting solutions, highlighting promising business opportunities over the course of 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

Entertainment lighting is predicted to lead and have the largest market share throughout the forecast period in the Application Type category of the Specialty Lighting Market. Entertainment lighting, which is primarily used to illuminate stages, studios, and events, is essential in achieving the appropriate dramatic effects required for gripping performances. It includes a variety of light sources, including LED lights, xenon lamps, halogen lamps, and incandescent lamps, and it keeps the audience's attention while giving performers the best intensity, colour distribution, and direction. Stage lighting leads the diverse applications in this industry, which also includes studio lighting and other areas. The demand for speciality lighting in the entertainment industry is anticipated to increase along with the increase in musical events, supported by organisations like NAMM and growing urbanisation. Due to its increasing music business and popularity of music festivals, North America presently dominates the market for entertainment lighting, but Europe is poised to catch up as a result of its expanding entertainment venues and evolving lifestyle patterns.

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

The North American Specialty Lighting Market, which currently holds the largest market share, is expected to keep its leadership position. North America's dominance is expected to continue, according to a market research including North America, Europe, Asia Pacific, and RoW. The region is known for holding prestigious music festivals like Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo Festival, among others. As urbanisation rises, so does festival attendance in this area. In the next years, these elements are anticipated to have a significant role in propelling the market for entertainment lighting applications. A major factor driving the need for speciality lighting in North America is the predicted increase in the number of hospitals in the US, which is expected to result in an increase in surgical procedures and patient examinations.

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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