Specialty Lighting Market Size Worth $8.9 Billion By 2027 | CAGR 7.0%

Grand View Research, Inc.

SAN FRANCISCO, June 4, 2020 /PRNewswire/ --The global specialty lighting market size is expected to reach USD 8.9 billion by 2027 registering a CAGR of 7.0%, according to a new report by Grand View Research, Inc. The market is driven by the growing use of lighting in entertainment, medical, harbor, and other end-use segments. Reduced cost and improved efficiency of LED lights make them preferable for specialty lighting. Moreover, the use of UV lights for water, air, and surface purification across industries is expected to augment the market over the forecast period.

Key suggestions from the report:

• The purification application segment is projected to witness the fastest growth over the forecast period owing to high product demand for disinfecting air, water, and surface in chemical labs, path labs, medicine manufacturing plants, hospitals, etc.
• LED product type segment is estimated to account for the largest market share expanding at the maximum CAGR from 2020 to 2027
• Demand for LED lights has increased in several applications due to their low cost, long life, and low energy consumption
• North America is projected to account for the largest market share by 2027 due to high product demand from the entertainment and medical sectors in the region

Read 120 page research report with ToC on "Specialty Lighting Market Size, Share & Trends Analysis Report By Light Type (LED), By Application (Entertainment, Purification), By Medical Type (Surgical, Examination), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/specialty-lighting-market

The broad range of specialty lighting solutions for medical includes solar simulation lamps, OR & surgical lamps, UV & germicidal lamps, microscope lamps, endoscopy lamps, medical & scientific lighting, and dental & endodontic lamps, among others. These lighting solutions allow healthcare specialists to perform their tasks with a clear view of their subject, thereby boosting the demand for specialty lighting. In addition, various regulatory bodies are encouraging the use of LED lights as they are energy-efficient and deliver the required lighting performance.