Rising Government Initiatives to Improve Energy Efficiency in Hospitals Drive Hospital Lights Market Growth
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.
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.
Impact of COVID-19 Pandemic on Hospital Lights Market Growth
North America is one of the most crucial regions in terms of the adoption and flourishment of new advanced technologies due to various government policies favoring innovation, a substantial industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of the industrial sector is expected to hamper the economic growth of the region. During the COVID-19 pandemic, the construction of various hospitals was halted. For example, the construction project of Michigan Medicine, which was started in 2019, was discontinued during the pandemic; the hospital was scheduled to start offering patient care services in 2024. Such delays in project completion limited the adoption of hospital lights in 2020. However, in 2021, the resumption of many hospital projects created positive growth avenues for the market.
The hospital lights market is segmented on the basis of product type, technology, application, and geography. Based on product type, the market is segmented into troffer, surface-mounted lights, surgical lamps, and others. By technology, the market share is segmented into fluorescent technology, LED technology, and others. By application, the hospital lights market is segmented into patient wards and ICUs, surgical suites, examination rooms, and others. Based on geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
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.
Hospital Lights Market Share – by Region, 2020
Hospital Lights Market Size, Share & Global Forecast by 2028
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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)
Hospital Lights Market Size, Share & Global Forecast by 2028
Download Free SampleHospital 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)
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