According to the study "Specialty Lighting Market by Light Source, Application, and Region - Global Forecast to 2027," the market for specialty lighting is on a promising upward trend. The market is forecast to experience significant growth, increasing from a projected value of USD 5.7 billion in 2022 to USD 7.8 billion by 2027. From 2022 to 2027, this increase is anticipated to occur at a compound annual growth rate (CAGR) of 6.6%. The market's diversity of applications, from entertainment to medical and UV lights, underlines the market's vibrancy and reflects the rising demand for specialised lighting solutions across numerous industries. These forecasts show how the speciality lighting business is changing and how it could grow significantly over the next few years.

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In the fields of entertainment, medicine, and UV lamps, where accuracy and specialised lighting requirements are crucial, speciality lighting finds its most notable uses. Airport lighting stands out among the various high-growth areas that are now emerging on the market. Airport lighting refers to a variety of technologies that are essential for easing night flights, supporting airport operations, and improving the overall aesthetics of the airport. From takeoff to landing, these lighting options provide the pilots with crucial visual aids throughout every stage of their voyage. There is a bright prospect for speciality lighting manufacturers as airports all over the world concentrate on improving their lighting systems to suit modern requirements and increasing their infrastructure.

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

Throughout the forecast period, the entertainment application is expected to continue to dominate the market for speciality lighting. When it comes to illuminating stages, studios, and different events, entertainment lighting is crucial to achieving the dramatic effects that are necessary for gripping performances. It includes light sources including LED lights, xenon lamps, halogen lamps, and incandescent lamps and is widely used in film and video projects. In addition to maintaining audience focus, entertainment lighting gives performers exact intensity, colour distribution, and directional illumination. Stage lighting dominates the entertainment lighting market, followed by studio and other applications, and this trend is predicted to continue for the foreseeable future. The need for speciality lighting in the entertainment business is expected to increase significantly because to the increase in musical events and the ongoing growth of the music industry. Geographically, the market for entertainment lighting is now led by North America, thanks to the region's booming music industry, rising attendance at music festivals, and urbanisation. In addition, Europe is anticipated to experience significant growth as the music industry picks up steam, helped by a number of associations and changing lifestyle tastes that are fueling the expansion of entertainment venues and the film sector.

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

Throughout the forecast period, the Specialty Lighting Market in North America is anticipated to hold the maximum market share. Famous music festivals like Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo Festival are concentrated in North America, drawing large crowds. The market for entertainment lighting applications is also anticipated to increase in the next years as a result of the region's rising participation in music festivals and continuous urbanisation trends. A big contributor in North America is the healthcare industry, which has a growing number of hospitals and is expected to result in an increase in patient examinations and surgical procedures. These elements work together to support the speciality lighting market's strong growth in North America and solidify its position as an important market leader.

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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