The specialty lighting market is projected to reach USD 11.73 Billion by 2032.

by MarketNewsData

From GlobeNewswire: 2024-12-03 07:43:00

The Specialty Lighting Market was valued at USD 6.5 Billion in 2023 and is projected to reach USD 11.73 Billion by 2032, growing at a CAGR of 6.82%. LED technologies are driving market growth, with projections of over 13.5 billion units sold in 2024, dominated by LED solutions capturing 80% of the global energy-efficient lighting market.

LED lighting segment led the market in 2023, capturing over 67% market share, offering advantages like longer lifespan and energy efficiency. The entertainment segment held a market share of over 43%, relying on lighting techniques for film production. The purification segment is expected to grow at a CAGR of 7.59%, driven by the increasing use of specialty UV lights for water and air purification.

In 2023, North America held the largest market share of over 37%, driven by leading lighting companies and strong healthcare infrastructure. The region is expected to maintain dominance. Asia-Pacific is projected to witness the highest CAGR of 7.80%, fueled by the entertainment industry in India and increasing adoption of specialty lighting across various sectors. The healthcare industry in China and Japan, along with the need for lighting in seaports, will boost the specialty lighting market in the region. Ams Osram partners with Dominant Opto Technologies for RGB LED solutions. Signify receives EcoVadis Platinum medal for sustainability. Market report includes statistical insights, competitive landscape, and company profiles.

The specialty lighting market is set to grow in Asia due to healthcare and seaport lighting needs. Ams Osram partners with Dominant Opto Technologies for automotive lighting solutions. Signify recognized for sustainability efforts with EcoVadis Platinum medal. Market report covers market dynamics, statistical insights, and company profiles for a comprehensive overview.



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