Hospital Lighting System Market to Reach $8.5 Billion by 2023: P&S Market Research

NEW YORK, Sept. 18, 2017 (GLOBE NEWSWIRE) -- According to a new market research report titled “Hospital Lighting System Market by Product (Troffers, Surface Mounted, Surgical, Wraparound), by Technology (LED, Fluorescent, Incandescent), by Application (Patient Ward & Suites, Diagnostic & Imaging Center, Surgical Suites, Parking Areas & Garages), by Geography (US, Canada, UK, Germany, France, Italy, China, Japan, India, Indonesia, Brazil, Mexico, Argentina, Colombia, UAE, Saudi Arabia, Qatar) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” published by P&S Market Research, the global hospital lighting system market is expected to grow at a CAGR of 9.6% during 2017 - 2023.

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The global hospital lighting system market is set to increase from $5,128.0 million in 2016 to reach $8,566.3 million by 2023, growing at a CAGR of 7.6% during the forecast period. Hospital lighting system overcomes the built-in constraints of traditional lighting solutions, which use high-intensity discharge (HID), incandescent, and halogen lights. It offers numerous benefits over conventional lighting solutions, including energy-efficiency, longer lifespan and durability. Hospital lighting systems are used for wide-ranging applications, including patient wards & suites, surgical suites, diagnostic & imaging center, lobbies, corridors, and parking areas & garages. Price reduction of LED technology has elevated its demand in several application segments.

The adoption of troffers is witnessing a rapid growth, as they are used in patient wards, corridors and stairs in hospitals. They offer superior color quality as compared to traditional hospital lighting, do not require ceiling alterations, and offer high efficiency, thereby cutting energy consumption to 50%.

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As per the findings of the research, troffers light is the leading product category in terms of size. During the forecast period, surface mounted lights is projected to exhibit the fastest growth, attributed to flexibility, high performance and alluring designs.

Based on technology, LED holds the largest market due to its application in multiple areas, as they offer energy efficiency with a longer lifespan of the product. The market for fluorescent technology is also expected to show a robust growth in coming years as they offer good selection of color temperature, offering uniform lighting with less harsh shadows. The hospital lighting system witnessed largest application in patient wards & suites. Government and private players of the healthcare industry in the developing countries are investing heavily in the hospital lighting system. During the forecast period, the market for surgical suites, which include wide range of lighting devices with different color rendering index, are expected to witness the fastest growth.

During the forecast period, the fastest growth in hospital lighting system market is expected in Europe, owing to the increasing penetration of latest lighting solutions for healthcare institutes. Hospitals in Europe are looking for lighting solutions that can reduce energy consumption to 60% and thus bringing down the operating cost of the medical facilities. With some of the best healthcare institutes, such as Nuffield Health Bristol Hospital, Vale Hospital and Asklepios Clinic Barmbek, already using the efficient lighting solution, the region holds a plethora of opportunities and will drive the demand for advanced hospital lighting system.

The increasing investment in healthcare institutions by the government of various countries is a prime factor behind the growth of the hospital lighting system market. Increased investment in troffer lights, along with large capital funding for surgical suites in case of emergency in developing countries, is driving the growth of the market. Recently, the government of India and other private players of healthcare sector in the country, have started investing heavily to offer better lighting system as a part of smart hospitals and healthcare institutes, which will drive the demand for advanced lighting products. The government along with private sector companies, is expected to invest heavily in enhancing healthcare infrastructure in the country, which will give boost to the market in the next five to six years.

The research states that the global hospital lighting system market is highly competitive, with players offering advanced lighting solutions. Some of the major companies operating in the market include General Electric, Philips Lighting AG, Osram Licht AG, Acuity Brand, Cree Inc., Zumtobel Group AG, Hubbell Lighting Inc., Herbert Waldmann GmbH, Trilux GmbH and Orion Energy System. Most of the major vendors are actively focusing on enhancing their offerings to meet the ongoing demand for advanced hospital lighting system solutions.

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Outdoor Lighting Market

Streetlighting application segment contributed the largest to the global outdoor lighting market and is also expected to be the leading application segment, during the forecast period. Governments in various countries are focusing towards building high class infrastructure to attract foreign players to invest across the respective country. In addition, the local authority body of the respective country is also focusing towards deploying various types of lighting solutions in the streets for better monitoring and security. For instance, in 2013, San Francisco Public Utilities Commission (SFPUC), the U.S., successfully completed a pilot project to install LED street light. In March 2015, Minnesota Public Service Commission announced to replace around 100,000 lights through-out the state over the next five years.

Smart Lighting Market

North America and Europe stands as the major markets in the emergency lighting industry, of which the former has been the key contributor to the global revenue. However, the emergency lighting market is expected to witness the fastest growth in developing regions, wherein Asia-Pacific seems to be the most prospective market. During the forecast period, the market in Latin America and Middle-East & Africa are also expected to grow at a considerable pace.

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