Specialty Lighting Market to Observe Fastest Growth in the UV Lamp Category
The specialty lighting market was USD 5,590.2 million in 2022, and it will touch USD 8,746.1 million, propelling at a 5.8% compound annual growth rate, by 2030.
The progression of this industry is mainly because of the increasing need for enhanced lighting solutions across different sectors such as medical and entertainment for specific uses. For example, ultraviolet lights are primarily utilized for surface, water, and air disinfection.
Additionally, the rapid development witnessed in the entertainment sector as well as a swift increase in the count of events across the globe, such as musical shows or concerts, will further advance the need for specialty lighting.
In 2022, the LED category, based on light source, dominated the specialty lighting market, with over 70% share. This can be attributed to its longer life, cost-saving, and less heating features, along with the rising consciousness among customers regarding the benefits of changing from formerly utilized incandescent lamps toward energy-efficient and consistent products from.
Moreover, LEDs are utilized in every section, such as decorative, luminescence, and architectural. LEDs are also more adaptable and suitable for numerous fitting designs producing colors and patterns.
Whereas, the UV lamp category will advance at the fastest rate, of approximately 7%, in the years to come. This is because of the utilization of UV lights for water, surfaces, and air cleansing. The requirement for water purification all over the world is increasing, because of the surging wastewater recycling and draining sources of water.
In 2022, the entertainment category, based on application, accounted for the majority of the share in the industry, and it is likely to continue this trend in the years to come. This is because sector high relies on different types of lighting utilized in cinematography and photography to produce suitable effects.
In 2022, North America dominated the specialty lighting industry, and it is further expected to remain dominant, generating a value of approximately USD 4 billion, by the end of this decade. This can be primarily because of the presence of key companies providing cutting-edge lights in various areas, such as horticulture, entertainment, medicine, water treatment, seaports, aquariums, and sports.
APAC is likely to advance at the fastest rate, of 7%, in the years to come. This is because of the increasing need for LEDs because of their energy efficiency and durability, along with encouragement from the government. Moreover, different sectors are utilizing special lighting for various purposes.
It is because of the surging acceptance of LEDs as a result of their lessening prices, along with the mounting count of events across the globe, the specialty lighting industry will continue to advance in the years to come.
Source: P&S Intelligence
