Global hospital lighting market is expected to be valued at USD 9.1 billion by 2024, is expected to witness CAGR of 10.7% during the forecast period (2018 – 2024). Lighting is observed to play significant role in the infrastructure of healthcare domain as it is widely implemented in ICU, wards, operation theaters and other settings in the hospital. The manufacturers of lighting are rapidly innovating products that enables efficiency and low cost. The extensive growth of the market is attributed towards increasing demand for suitable lighting in the hospital to relax the patients at the time of treatment and enable improved vision and enhancing the productivity of hospital staff.
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The establishment of large number of hospitals in developing nations along with increasing acceptance for LED based fixtures of lighting are the major factors driving the growth of global hospital lighting market. The infrastructural development in hospitality sector specifically multispecialty hospitals have attributed towards the growth of these solutions. The acceptance of wide varieties of lighting systems in several applications of hospital domain is exaggerating the utilization of advanced lighting system.
Geographically, Asia-Pacific is expected to witness fastest growth 8.6% CAGR in the hospital lighting market due to extensive diffusion of innovative lighting solutions for implementation in healthcare domain. There are several hospitals in Asia-Pacific that are seeking for the solutions of lighting that helps in reduction of energy to conserve it and thus reducing the operating costs of the medical amenities. Europe is another key market for these solutions, as there are several major players operating in the hospital lighting industry in this region.
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Some of the major companies operating in the hospital lighting industry include Acuity Brands Lighting Inc., Eaton Corporation PLC, Cree Inc., General Electric Company, Koninklijke Philips N.V., Herbert Waldmann GmbH & Co. Kg, KLS Martin Group, Trilux Lighting Ltd., Hubbell Incorporation and Zumtobel Group AG.
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