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Specialty Lighting Market Segmented By Light Source such as LEDs, Incandescent Lamps having Entertainment, Medical, Uv Lamps Application
Specialty Lighting is the lighting that is manufactured with a particular shape, base, design and have special built-in features to perform lighting task. Specialty lighting is used for applications where the conventional lighting is not acceptable due to size, and functionalities. Specialty lighting is used in various sectors including healthcare, retail, commercial, and entertainment.
The demand for specialty lighting is increasing due to increasing number of events such as concert tours and sports competitions. Technological advancements such as smart lighting solution, IoT is also expected to contribute to market growth.
The global economy is facing an unprecedented crisis due to COVID-19 pandemic. The companies moved decisively for securing the supply chain and to protect their employees. Governments are still imposing social distancing norms for protection of the employees.
The COVID-19 pandemic has impacted the supply chain and due to this the growth of specialty lighting market has slowed down. However, the demand is increasing for medical lighting is estimated to increase, as the construction of temporary hospitals and need for surgical and examination facilities are increasing due to COVID-19 pandemic.
Adoption of LED Lighting Is Spurring the Growth of Specialty Lighting Market
Adoption of LED lighting is increasing as LED lights are immune to vibrations and resistant to breakage, whereas traditional light is contained in glass, which makes it susceptible to break. LED lights are mounted on a circuit board and connected with soldered leads.
Due to this reason, the LED lights have more lifespan than traditional lights. LED lighting fixtures generate brighter and better quality light that gives a better visibility. As there is better visibility due to LED lighting there is improvement in the overall quality.
New generation of LED lighting is more versatile as the lighting has spectrum-tuning characteristics that allow changes in the nature and quality of light for different events. High quality LED lights are 100% flicker free and are used for clean filming of the events and this lights are used for HD and live filming.
Initial Implementation cost is restricting the market growth
Initial deployment cost of lighting is high, so this translates into substantial upfront capital investment along with ongoing support and maintenance cost which makes it challenging for small sized-entertainment and healthcare companies.
This increases the capital expenses and cost of support staff to perform necessary maintenance and upgrades. Hence, high implementation cost is hindering the market growth.
|By Light Source
North America is a prominent player for arranging various music, dance events and concerts that require specialty lighting so the region dominates in terms of market value. The U.S. is highly contributing in the market growth in this region through entertainment application.
Europe holds second largest market share due to increasing use of specialty lighting for surgical and medical purposes. South Asia & Pacific is estimated to witness high growth rate during forecast period due to rising usage of specialty lighting across various sectors. Moreover, there is increase in demand for UV disinfection equipment that is contributing to market growth in the region, as well.
The key players in the Specialty Lighting market are Signify Holdings, Brandon Medical, Integra Life Sciences Corporation, Advanced Specialty Lighting, Cree Inc, Ushio, Inc, OSRAM Licht AG, among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global Specialty Lighting market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with Specialty Lighting market attractiveness as per segments. The report on Specialty Lighting market also maps the qualitative impact of various factors on Specialty Lighting market segments and geographies.