The hospital lighting market is projected to reach USD 7.03 billion by 2021 from USD 5.19 billion in 2016, at a CAGR of 6.2% from 2016 to 2021.
Globally, the hospital lighting market is witnessing growth due to increasing adoption of LED based lighting products and increasing number of hospital in emerging economies. Moreover, increasing government support to energy efficiency program for hospitals is contributing to the growth of hospital lighting market. Many of the key players in the market are focusing on the strategies of product launches, expansion, agreements, partnerships, collaborations, acquisitions to strengthen their foothold in the market.
Based on product, the hospital lighting market is troffers, surface-mounted lights, surgical lights and other products. Troffers segment is expected to grow at the highest growth rate in the forecast period. The factors driving the market of increasing adoption of LED based troffers in hospitals globally.
Based on technology, the hospital lighting market is segmented fluorescent, LED, renewable energy and other technologies. The LED technology segment is projected to witness the highest growth in this market due to the longer shelf life, increasing adoption of LED, and technological advantages over traditional lighting.
Based on application, the hospital lighting market is segmented patient wards & ICUs, examination rooms, surgical suites and other applications. The patient wards & ICUs segment is projected to witness the highest growth rate in this market due to the increasing number of hospitals in emerging economics. In the coming five years, growth in the hospital lighting market is likely to be centered in Asia. Growth in this region can be attributed to the increasing number of hospitals, growing population, and government initiatives for the improvement of healthcare infrastructure.
The hospital lighting market is consolidated in nature due to the presence of a few large players. The prominent players in the market include 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.).