The Specialty Lighting Market is anticipated to grow at a CAGR of 5.9% from 2019 to 2024, from USD 5.4 billion in 2019 to USD 7.2 billion in 2024. Numerous live music events and concerts, strict government rules for surface, air, and water disinfection, the growing acceptance of surgical illumination for both minor and large surgical procedures, and the declining cost and expanding use of LEDs are the main factors driving the market's growth. The growing demand for ultrapure water from end-use industries and promising futures in new applications are underlying opportunities for the specialty lighting market.
The notion of a higher installation cost and a lack of knowledge about payback times are major market limitations. The Specialty Lighting Market is faced with a significant obstacle in the form of false beliefs about UV purifying systems.
Signify Holding (Signify, Netherlands), OSRAM Licht AG (OSRAM, Germany), Cree, Inc. (CREE, US), Ushio, Inc. (USHIO, Japan), Advanced Specialty Lighting, Inc. (Advanced Specialty Lighting, US), Getinge AB (Getinge, Sweden), Herbert Waldmann GmbH Co. KG (Waldmann, Germany), Brandon Medical Co Ltd (Brandon Medical, England), Integra LifeSciences Corporation (Integra LifeSciences, US), and Steris PLC (Steris, US).
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Top 2 Players in Specialty Lighting Market:
Signify (Netherlands)
The headquarters of Signify Holding are in Eindhoven, Netherlands. It is a renowned leader in the development, production, and distribution of cutting-edge, energy-efficient lighting systems, products, and services. Philips Lighting is now known as Signify Holding. In the lighting industry, it is a well-known brand. One of the company's six main strategic focuses is innovation in LED goods. The company has a wide range of specialty lighting products available. All specialty lighting applications, including those for UV purification, entertainment lighting, and medical lighting, are catered to through this portfolio. The business unveiled the brightest bulb in its class, the Philips 25R Platinum lamp for entertainment, in 2018. The business has a wide geographic footprint, which when paired with close proximity to customers, enables it to produce a product portfolio that meets the demands of the regional market.
OSRAM (Germany)
Munich, Germany serves as the home base for OSRAM, which was established in 1919. The business is divided into three segments: Specialty Lighting, Opto Semiconductors, and Lighting Solutions Systems. It provides speciality items and lighting solutions with energy-efficient technologies. OSRAM has strengthened its focus on the speciality lighting industry as part of its business plan. The company wants to target the business-to-business (B2B) and semiconductor industries, where there is potential to earn larger profit margins, by adopting the strategy of rearranging business segments and eliminating underperforming operations. The company frequently takes part in events and performances to strengthen its profile in the entertainment lighting market. For instance, the business served as the lighting partner for the 2019 Eurovision Song Contest and the Giudizio Universale multimedia show in Rome in 2018.
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