The specialty lighting market value will reach USD 8,746.1 million by 2030 from USD 5,590.2 million in 2022, at a 5.8% CAGR. This development can be attributed to the growing need for advanced lighting solutions throughout the medical, entertainment, and other industries, for special drives. For example, UV lights are majorly utilized for the disinfection of air, surface, and water.
Furthermore, the fast development witnessed in the entertainment sector along with a rapid rise in the count of worldwide events, such as music concerts, is projected to boost the demand for specialty lights.
In 2022, on the bases of light sources, the LED category generated the largest revenue share, of above 70%. This is mainly because of its cost-saving, less heating, and longer life characteristics, and the increasing knowledge among consumers regarding the benefits of shifting toward dependable and power-efficient items from previously utilized incandescent lamps.
Governments are taking many steps for the growth of metropolises and the enhancement of present infrastructure and the upkeep of energy and rationalization of operations. The growth of smart cities fuels the industry due to the acceptance of progressive technologies and development in lighting solutions.
In 2022, North America led the industry with the largest revenue share in the specialty lighting market, and the continent is also projected to hold the dominating position with a worth of approximately USD 4 billion by 2030. This is mainly because of the presence of main firms providing advanced lights in numerous areas, such as horticulture, entertainment, seaports, medicine, sports, water treatment, and aquariums.
Furthermore, end-use industries are growing swiftly, which is further boosting the demand for special lights throughout the continent. For example, a robust healthcare system in Canada and the U.S. contributes to the augmented acceptance of examination and surgical lights.
