According to a report by MarketsandMarkets, the hospital lighting market is projected to reach US$ 7.03 Billion by 2021 from US$ 5.19 Billion in 2016, at a CAGR of 6.2% from 2016 to 2021. The major factors contributing to the growth of the global hospital lighting market include the increase in adoption of LED technology, increasing size of hospitals in Europe and North America and technological enhancement will offer new opportunities during the forecast period.
The report segments this market on the basis of product, technology, and application. On the basis of product, the market is segmented into segmented into troffers, surface-mounted lights, surgical lights and other products. In 2016, the troffer segment is expected to account for the largest share of the market due to increasing number of hospitals in Asian countries and surging adoption of LED based troffers in hospitals globally.
Based on technology, the market is segmented into fluorescent, LED, renewable energy and other technologies. In 2016, the fluorescent segment was expected to account for the largest share of the market due to lowest cost and low operational cost. The average operational cost of a fluorescent bulb for 23 years is nearly US$ 48 and the average cost per fluorescent bulb is approximately US$ 2.
On the basis of applications, the market is segmented into patient wards & ICUs, examination rooms, surgical suites and other applications. The patient wards and ICUs segment is projected to witness the highest growth during the forecast period. The technical enhancements and increasing adoption of LED based fixtures in hospitals wards are the major factors driving growth of this application segment.
On the basis of geography, North America dominates the global hospital lighting market. Growth in the North American segment is primarily driven by the technological advancements, government initiatives. For example, the development of Indigo-Clean a product by Kenall Manufacturing launched in 2015, using continuous environmental disinfection technology. Indigo-Clean features technology that continuously disinfects the environment. Such a technological advancement will drive the demand for lights in hospitals.
Prominent players in this market are General Electric Company (U.S), Acuity Brands Lighting Inc. (U.S), Cree Inc. (U.S), Eaton Corporation PLC (Ireland), Hubbell Incorporated (U.S), Koninklijke Philips N.V. (Netherlands), and Zumtobel Group AG (Austria). Other players in this market include Herbert Waldmann GmbH & Co. KG (Germany), KLS Martin Group (Germany), and Trilux Lighting Ltd (U.K).
