Hospital Lights Market is expected to reach US$ 9,765.09 Million by 2028 with a CAGR of 8.7% from 2021 to 2028 - The Insight Partners

Hospital Lights Industry: Key Insights

According to our latest market study on "Hospital Lights Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Troffer, Surface-Mounted Lights, Surgical Lamps, and Others), Technology (Fluorescent Technology, LED Technology, and Others), and Application (Patient Wards and ICUs, Surgical Suites, Examination Rooms, and Others)," the market is expected to grow from US$ 5,432.01 million in 2021 to US$ 9,765.09 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028.

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Hospitals and clinics have high energy demands due to 24×7 operations, medical imaging equipment, and special clean air and sanitary requirements. Energy efficiency has become a major policy instrument worldwide, assisting in meeting the significant increase in energy demand. Proper illumination of the surgical area is essential inside the operation theater to avoid any kind of injury to the patient. High-performance LEDs play an important role in surgical lighting and light-based medical treatment. LED-based surgical lights have emerged as the preferred technology for overhead illumination in hospital operating rooms (ORs) and dental clinics. These high-performance LED lights are generally manufactured considering the standard specifications related to brightness, homogeneity, color rendering index (CRI), shadow dilution, and correlated color temperature (CCT).

Moreover, high-performance LEDs deliver superior lighting, longer life, and lower power usage compared to typical surgical lighting systems that use halogen or gas-discharge bulbs. Thus, the increased demand for operating rooms in hospitals has resulted in a rise in the number of sophisticated healthcare facilities. This, in turn, will fuel the demand for high-performance LED lighting in surgery applications, thereby fueling the hospital lights market growth. Moreover, a surge in energy demands necessitates utilizing alternative energy sources. As a result, renewable energy sources, especially solar energy, are now being used to generate electricity. The increasing uptake of solar energy for electricity generation is expected to drive the demand for solar-based lighting technologies in the coming years.

Rising Adoption of Energy-Efficient Solar-Based LED Lighting Propel Hospital Lights Market

According to the International Energy Agency estimates, solar energy generation capacity is expected to reach 3,300 TWh by 2030. Several countries including Italy, India, and Germany are attempting to build large solar power-producing facilities to harness solar energy. Due to such rising adoption of solar energy, hospitals spend humongous amounts of money in building a fail-safe environment of the hospital and implementing solar energy-based lighting in hospital premises. In addition, energy-intensive utilities, such as hospitals, can benefit from solar energy as it can provide 24×7 electricity without fail. The power generated during the day can be stored and utilized later. For instance, from 2021, small hospitals in Japan, in areas with unreliable electricity supply, started using solar power lights to avoid any power failure. Thus, above mentioned factors are driving the hospital lights market growth.

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Product Type-Based Insights

Based on product type, the hospital lights market is segmented into troffer, surface-mounted lights, surgical lamps, and others. The troffer segment held the largest market share in 2021. Troffer lighting is an indoor lighting fixture mounted within a ceiling or ceiling grid. Troffer fixtures are designed to support standard fluorescent lamps, such as T12 or T8 bulbs. In current scenarios, troffer lighting systems are available in LED technology and are widely used in various hospital areas, including surgery rooms. Further, governments are providing incentives and subsidies for replacing old lamps with LED troffer goods, allowing for greater adoption of LED products worldwide.

Hospital Lights Industry: Competitive Landscape and Key Developments

Acuity Brands, Dragerwerk, Hubbell Incorporated, Signify Holdings, and BFW Inc are key players operating in the hospital lights market. Several important market players were analyzed during this study to get a holistic view of the market and its ecosystem.

Players operating in the hospital lights market are mainly focused on the development of advanced and efficient products.

1. In 2022, Hubbell Incorporated has been recognized as the World's Most Ethical Companies of 2022; it was given this recognition for the second time by Ethisphere.

2. In 2022, TRILUX Switzerland acquired Monolicht GmbH, a local luminaire manufacturer. The company will continue to operate as an independent local subsidiary of TRILUX in Switzerland.

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