Hospital Lamp Market Worth US$9,765.09 Million by 2028 – Exclusive Research by The Insight Partners

According to the new research report published by The Insight Partners, titled “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 5,432.01 million dollars. in 2021 to $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 requirements due to 24/7 operations, medical imaging equipment and special requirements for clean air and hygiene. Energy efficiency has become a major policy instrument around the world, helping to meet the significant increase in energy demand. All governmental and non-governmental agencies work together to ensure sustainable energy use. 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 gear. 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. According to the Ministry of Energy, Government of India, there is huge potential for energy savings in hospitals and healthcare facilities. For example, India’s Energy Conservation Building Code (ECBC) shows that Indian hospitals have the potential to achieve 42% energy savings by implementing energy efficiency measures. Such initiatives promoting energy efficient products are fueling the demand for LED lighting products, thereby driving the growth of the hospital lighting market.

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Market Overview – Hospital Lamps Market

According to estimates by the International Energy Agency, solar power generation capacity is expected to reach 3,300 TWh by 2030. Several countries, including Italy, India and Germany, are trying to build large solar power generation facilities to harness solar energy. Due to this growing adoption of solar energy, hospitals are spending huge sums to create a fail-safe hospital environment and implement solar-powered lighting in hospital premises. Additionally, energy-intensive utilities, such as hospitals, can benefit from solar power because it can provide electricity 24/7 without fail. The energy generated during the day can be stored and used later. For example, starting in 2021, small hospitals in Japan, in areas with unreliable electricity supply, started using solar-powered lights to prevent power outages. Thus, the above mentioned factors are driving the growth of the hospital lighting market.

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Impact of COVID-19 Pandemic on Hospital Lighting Market Growth

North America is one of the most crucial regions in terms of adoption and flourishing of new advanced technologies due to various government policies fostering innovation, large industrial base and high purchasing power , especially in developed countries like the United States and Canada. Therefore, 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, Michigan Medicine’s construction project, which began in 2019, was halted during the pandemic; the hospital was expected to begin offering patient care services in 2024. Such delays in project completion have limited the adoption of hospital lighting in 2020. However, in 2021 the resumption of many hospital projects has created positive growth avenues for the market. The hospital lighting market is segmented on the basis of product type, technology, application, and geography. Based on product type, the market is segmented into troffer, surface mount lights, surgical lights and others. By technology, the market share is segmented into fluorescent technology, LED technology and others. By application, the hospital lighting market is segmented into patient wards and intensive care units, surgical suites, examination rooms and others. Based on geography, the market is primarily segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Acuity Brands, Dragerwerk, Hubbell Incorporated, Signify Holdings, and BFW Inc are key players operating in the hospital lighting market. Several important market players have been analyzed during this study to get a comprehensive view of the market and its ecosystem.

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Contact Us: If you have any questions about this report or would like further information, please contact us: Contact Person: Sameer Joshi Email: [email protected] Telephone: +1-646-491- 9876

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