Global Hospital Lights Market: Snapshot
The global hospital lights market is prophesied to garner a prospering growth in the next few years owing to the swelling count of healthcare institutes in developing economies such as India and China. The mounting adoption of light-emitting diode (LED)-based lighting products such as troffers could also augur well for the market. This growth could further soar in the near future due to rising government support for energy efficiency programs in hospitals. Factors such as lower operational cost and cheaper cost are forecasted to set the tone for a valuable growth in the market. Developed regions such as North America could continue to secure a larger share in the market due to their support for modernization in the hospital lighting industry and promotion of energy efficiency projects.
The global hospital lights market is foretold to expand at a CAGR of 6.1% during the forecast timeframe 2017–2022. It could attract a revenue of US$10.0 bn by 2022 from a US$7.4 bn achieved in 2017.
Troffers to Showcase Larger Absolute Growth between 2017 and 2022
The world hospital lights market is foreseen to be classified into troffers, surface-mounted lights, and surgical lamps by product. As per the analysis of the report, the troffers hospital lights market could draw a larger revenue share throughout the course of the forecast period. It could rise at a 5.4% CAGR. Annually, it is envisioned to grow at a US$0.1 bn, which could be greater than the absolute growth of any other market in the category.
According to type of technique, the world hospital lights market is predicted to be segmented into fluorescent, LED, and halogen.
As per the point of use classification, the world hospital lights market could find opportunities in segments such as patient wards and intensive care units (ICUs), operating rooms, and examination rooms.
The analysts shed light upon factors that could be responsible for the growth of these markets for hospital lights and also their market size and projected growth.
North America to Set Benchmark for Revenue Share until 2022 End
The regional segmentation of the international hospital lights market prognosticates six geographies to be important for growth, viz. North America, Latin America, Europe, Japan, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA). Out of these markets for hospital lights, North America could top the charts in terms of revenue growth. As per the researchers, the region could rake in a US$2.8 bn by the end of 2017.
APEJ is envisaged to be a faster growing region for the international hospital lights market with a 6.2% CAGR expected to be maintained between 2017 and 2022. Europe could be another market with high expectations set in view of revenue share. The MEA could, however, exhibit a slothful growth in the future.
Players such as Acuity Brands, Inc., Cree, Inc., Drägerwerk AG & Co. KGaA, Eaton Corp. Plc, General Electric Co., Herbert Waldmann GmbH & Co. Kg, Hill-Rom Holdings, Inc., Hubbell, Inc., KLS Martin GmbH + Co. KG, Koninklijke Philips N.V., Zumtobel Group AG, and Trilux GmbH & Co. Kg are expected to be at the forefront of the worldwide hospital lights market.
Global Hospital Lights Market: Overview
The global hospital lights market is predicted to rake in a growing demand due to several benefits over traditional lighting solutions such as longer durability and lifespan and energy efficiency. Hospital lighting systems are prophesied to outclass the built-in restrictions of conventional lighting solutions. The LED technology experiencing a price reduction could elevate its demand in different applications of hospital lights. However, troffers are projected to testify a rapid growth in demand on account of their high efficiency, energy consumption reduction, no requirement of ceiling alterations, superior color quality, and wide range of applications.
The report provides a deep insight into some of the crucial aspects of the global hospital lights market while offering a vital analysis on its critical segments, growth patterns, competitive landscape, and factors affecting its growth. Buyers of the report are foretold to be equipped with a competitive tool to outstrip their competitors in the market.
Global Hospital Lights Market: Dynamics
The world hospital lights market is envisioned to bank on the rising investments in healthcare organizations initiated by the governments of various nations around the globe. The growth of the market could be driven by significant capital funding by emerging countries to facilitate surgical suites for emergency cases. While this could hold true for the market, troffers hospital lights receiving hefty investments are anticipated to boost the demand in the market. For instance, the government and private healthcare industry players in India are making weighty investments for bettering the lighting systems in smart healthcare organizations and hospitals.
Even developed regions such as Europe are experiencing a surging penetration of advanced lighting solutions in the hospital lights market. Healthcare institutes in Europe are raising the demand for lighting solutions that could reduce the operating cost and energy consumption to a 60.0%.
Global Hospital Lights Market: Segmentation
The international hospital lights market is prognosticated to be segmented into three important segments, viz. troffers, surface-mounted lights, and surgical lamps, according to type of product. As per segmentation by technique, the market could be divided into fluorescent, light-emitting diode (LED), and halogen hospital lights. By point of use, there could be segments such as patient wards and intensive care units (ICUs), operating rooms, and examination rooms. Geographically, the market is envisaged to be classified into North America, Latin America, Europe, Japan, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA).
Among the higher revenue earning markets for hospital lights could be troffers expected to accumulate a US$3.9 bn by 2022 end and North America which could grow at a 6.2% CAGR during the forecast timeframe 2017–2022.
Global Hospital Lights Market: Competition
The report analyzes key industry players for the worldwide hospital lights markets. Companies such as Acuity Brands, Inc., Cree, Inc., Drägerwerk AG & Co. KGaA, Eaton Corp. Plc, General Electric Co., Herbert Waldmann GmbH & Co. Kg, Hill-Rom Holdings, Inc., Hubbell, Inc., KLS Martin GmbH + Co. KG, Koninklijke Philips N.V., Zumtobel Group AG, and Trilux GmbH & Co. Kg could make a mark in the market.