Hospital Lighting Is Estimated To Witness High Growth
SWOT Analysis
Strength: The hospital lighting market is witnessing increased investments in LED lighting technologies by hospitals. LED lights have three key advantages - they last longer, use less energy, and do not contain harmful materials like mercury. Many countries have also passed regulations promoting the use of LED lights in hospitals.
Weakness: High initial installation cost of LED lights remains one of the key barriers limiting their adoption especially in cost-sensitive areas. Lack of standardized procedures for lighting design in hospitals also leads to suboptimal designs sometimes.
Opportunity: Governments across regions are providing subsidies and tax rebates to promote energy efficient LED lighting in the healthcare sector. This is encouraging greater adoption. There is also a rise in construction of new hospitals in developing markets providing opportunities.
Threats: Economic slowdowns can negatively impact the hospital construction sector and hence lighting renovations/upgrades. Trade barriers or duties on import of lighting components can increase project costs. Technology changes may also make existing lighting solutions outdated within a few years.
Key Takeaways
The Global Hospital Lighting Market Size is expected to witness high growth. The market size is projected to reach US$ 14.57 Bn in 2023 and then grow at a CAGR of 6.9% during the forecast period of 2023 to 2030 to reach US$ 22.7 Bn.
Regional analysis: North America currently dominates the global market due to supportive government policies and high healthcare expenditure. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by rising healthcare infrastructure, increasing healthcare expenditure and growing focus of governments on energy efficient lighting. China, India & Indonesia are emerging as highly lucrative markets.
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. These players are focusing on partnerships, new product launches and expanding to emerging markets to drive future growth.
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