Aug 24, 2016: LED specialty lighting is one of the fastest growing markets , which is likely to expand from $4.36 billion in 2016 to US$16.4 billion in 2020 with a CAGR of 30%, according to the 2016 Global Lighting Market Report by TrendForce. The LED specialty market consists of four lighting applications which include smart lighting, surgical lighting, marine/harbor lighting and horticultural lighting.
LED smart lighting
Furthermore, the report also estimated that the global LED smart lighting market will reach $2.35 billion 2016 and increase to about $13.43 billion in 2020. This indicates that LED smart lighting is likely to outwit the other three specialty lighting applications.
LED specialty lighting market to reach 16.4 billion by 2020
As a whole, LED luminaires are at present in a period of low prices and, smart lighting, while is at early life with regards to development and does not include the scale to wield important influence, provides numerous opportunities, according to industry analyst. However, the sophistication of technologies and product designs, along with marketing efforts from vendors, will persuade extensive consumer acceptance. As a result of which, this application market is likely to see huge growth in next few years, added the analyst
LED horticultural lighting
The LED horticultural lighting market is also projected to do well in the future. The TrendForce report says that this specialty lighting market will increase from $576 million in 2016 to about $1.42 billion in 2020. The industry analyst said that the changes worldwide climate supports agricultural and livestock businesses to take up technological innovations.
LED horticultural lighting has great future owing to the increasing demand generated by progresses in the cultivation of fresh food storage, superior agricultural produce, livestock farming, etc.
LED marine/harbor lighting
In this lighting market, products are governed by severe regulatory standards and therefore their average sales prices are also higher in comparison with other general lighting products. For the LED lighting industry, LED marine/harbor lighting is a specialty application that offers high margins and a steady source of income. The entire value of the global LED marine/harbor lighting market will reach $820 million in 2016, according to the TrendForce report.
LED surgical lighting
The LED surgical lighting application is increasing in a steady manner as LED light sources continue to advance with respect to luminous effectiveness and color rendering. The global LED surgical lighting market is likely to increase from $612 million in 2016 to $787 million in 2020, according to the report. The chief regional markets for this lighting application are Japan, Europe and North America.