Hospital Lights Market Emerging Trends and Will Generate New Growth Opportunities Status

According to our latest market study on "Hospital Lights Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, Technology, and Application," 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. Rising Government Initiatives to Improve Energy Efficiency in Hospitals Drive Hospital Lights Market Growth.

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Key Companies: Signify Holding (Philips); ACUITY BRANDS, INC.; Cree Lighting; Dragerwerk AG & Co. KGaA; KLS Martin Group; Stryker Corporation; GE Current; Hubbell Incorporated; Trilux GMBH & Co. KG; Zumtmarketbel Lighting GMBH; Effe; Tulip; Planet Lighting; and Eagle Lighting Australia Private Ltd

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. All the government and nongovernment agencies are working together for ensuring sustainable energy usage. For example, the UK government published guidance in November 2020 on proposed regulations to implement new eco-design and energy labeling requirements for light sources and separate control gears. These requirements include measures to raise minimum energy efficiency requirements for lighting products, which will lead to the phasing out of several less efficient lamp types. As per the Ministry of Power of the Government of India, there is a huge potential for energy savings in hospitals and healthcare institutions. For example, the Energy Conservation Building Code (ECBC) of India shows that hospitals in India have the potential to achieve 42% energy savings by implementing energy-efficient measures. Such initiatives for promoting energy-efficient products are fueling the demand for LED lighting products, thereby driving the hospital lights market growth.

Moreover, energy saving, emission reduction, and green development have become common concerns of different countries due to the global energy shortage. According to statistics, lighting application accounts for ~20% of the total power consumption of the world. Lighting in China accounts for ~14% of total power consumption. Therefore, lighting has always been the key area of energy conversion in the world. Thus, the adoption of LED lights, which are successfully transforming the definition and scope of lighting technology, is growing rapidly. Also, the stringent rules proposed by governments and regulatory bodies in the US, Canada, and the European Union on using less efficient lighting have paved the growth path for the LED lighting business. A surge in the adoption of LED lights will contribute to the transformation of old hospital buildings into new energy-efficient hospital premises, thereby driving the hospital lights market growth.

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Market Insights - Hospital Lights Market
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.

Hospital Lights Market Segmentation:
By Product Type
Troffer
Surface-Mounted Lights
Surgical Lamps
Others

By Technology
Fluorescent Technology
LED Technology
Others
By Application
Patient Wards and ICUs
Surgical Suites
Examination Rooms
Others

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