by Hospital lighting plays a vital role in providing adequate illumination for medical surgery, examinations, patient care and other associated activities in healthcare facilities. It supports optimal vision and accuracy during intricate medical procedures and improves patient experience. With growing focus on energy efficiency and sustainability in healthcare infrastructure, adoption of LED lighting has surged significantly estimated to be valued at US$ 14.57 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of LED lighting has been a major trend propelling the hospital lighting market growth. LED lights offer various advantages over traditional lighting like lower power consumption, longer lifespan, compact design, and cost effectiveness. According to estimates, LED lights use 80-90% less energy as compared to traditional incandescent bulbs. This has increased their popularity among healthcare facilities aiming to reduce energy bills and carbon footprint. Furthermore, LED lights produce less heat and are shatterproof, thereby diminishing the risk of fire hazards. With continuous technological advancements, LED lighting is emerging as a sustainable and viable alternative to conventional lighting systems in hospitals.
SWOT Analysis
Strength: High energy efficient and durable nature helps reduce operational costs. Newer LED lighting technology lowers maintenance costs.
Weakness: High initial investment costs for installing new LED lighting systems. Difficulties in upgrading old lighting infrastructure to modern standards.
Opportunity: Growing healthcare infrastructure in developing nations drives demand. Government support and regulations favor adoption of green technologies.
Threats: Volatility in prices of rare earth materials used in LED manufacturing. Intense competition from local and international players.
Key Takeaways
The Global Hospital Lighting Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for Hospital Lighting is projected to reach US$ 14.57 Billion by 2023, growing at a CAGR of 6.9% through 2030.
Regional analysis
North America dominates the global market currently, owing to modernization initiatives and stringent building codes favoring energy efficient lighting. Asia Pacific is expected to witness the fastest growth rate over the coming years led by nations like China, India and Japan. Growing healthcare infrastructure and rising consumer incomes will boost adoption of technologically advanced lighting systems in the region.
Key players
Key players operating in the Hospital Lighting market are Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, and Toshiba Corp. Major players are focused on new product launches, partnerships and mergers & acquisitions to gain a competitive edge. They are also investing in research aroundLED lighting and integrated lighting control systems to tap the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
