Northbrook, United States, September 04,2019- Key Questions Addressed in this Study:
# What are the business growth strategies adopted by key market players to maintain their market position across key geographies?
# What is the existing developmental pipeline of major lighting technologies among manufacturers?
# Growing adoption of LED lights procedures is a key trend in clinical management. What impact this will have on hospital lighting market during the forecast period?
Modern lighting products, such as LED and OLED, are comparatively more expensive than most conventional lighting products; however, their total operational cost is lower than CFL and incandescent-based lighting. According to the Department of Energy (U.S.), the average operational cost of an LED bulb for 23 years is around USD 38 as compared to USD 48 for incandescent bulbs and USD 201 for CFL lighting. Owing to these operational cost advantages, the adoption rate of LED-based lighting fixtures in hospitals is on the rise. In 2014, LED Lighting had a higher adoption rate of 10.1% in hospitals.
Across the globe, the number of hospitals is on the rise, but this increase is particularly significant in emerging economies such as China and India. The sharp rise in the number of hospitals in this region can primarily be attributed to the rapidly growing population and increasing healthcare expenditure in these countries. This increasing number of hospitals in the emerging economies will subsequently lead to an increase in the number of hospital wards and operation theatres, which in turn will drive growth in the hospital lighting market.
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Patient wards include general wards, emergency wards, and patient admission rooms, and intensive care (ICU) units include SICU (surgical ICU), CCU (cardiac ICU), and NICU (neonatal ICU). LED recessed troffers are used in patient wards & ICUs. Troffers can save up to 70% of power consumption (making them more cost effective) and have a longer life span (~25 years) as compared to other sources of light fixtures in hospitals. TRILUX Lighting Ltd. (U.K.), Eaton (Ireland), and Cree Inc. (U.S.) are the prominent players offering.
On the basis of geography, North America dominates the global hospital lighting market. Growth in the North American segment is primarily driven by the technological advancements, government initiatives. For example, the development of Indigo-Clean a product by Kenall Manufacturing launched in 2015, using continuous environmental disinfection technology. Indigo-Clean features technology that continuously disinfects the environment.
Prominent players in this market are 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.).
The key strategies followed by most companies in the hospital lighting market are product launches. The key players such as Acuity Brands Lighting Inc. (U.S.), Eaton Corporation PLC (Ireland), and Koninklijke Philips N.V. (Netherlands) are the leading manufacturing companies that adopted this strategy to expand their existing product portfolios and enhance their presence in the market.
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