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 2024 from a US$7.4 bn achieved in 2017.
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Troffers to Showcase Larger Absolute Growth between 2017 and 2024
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.
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North America to Set Benchmark for Revenue Share until 2024 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 2024. 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.
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