The Hospital Lighting Market is consolidated in nature due to the presence of a few large players. The prominent players in the market include 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.).
Koninklijke Philips N.V. (Netherlands) is the largest player in the global hospital lighting market. The company offers a wide range of products for hospital lighting. The company, with its strong product portfolio for hospital lighting has established itself as one of the leading players in this market. The company focuses on product launches to strengthen its position in the market.
For instance, in February 2017, Philips Lighting launched the Philips T5 LED tube. The T5 LED tube offers high light output and quality. In January 2017, Philips Lighting launched the Philips VL6000 Beam Luminaire. Philips VL6000 Beam offers a super bright output that exceeds 55,000 lumens. Such product launches enabled the company to maintain its dominance in this market.
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General Electric Company (U.S.) is the second-largest player in the hospital lighting market. The company adopted product launches as its key strategy to strengthen its position in the market. For instance, in June 2015, GE launched the Bright Stik LED which is considered the replacement for CFL. GE is driving the adoption of LEDs with the introduction of Bright Stik.
Eaton Corporation PLC (Ireland) is the third-largest player in the global hospital lighting market. The company offers a wide range of lighting products used in various healthcare applications. The company focused on growing and improving the profitability of its businesses and implemented a strategy to launch hospital lighting specific products. For instance, in August 2016, Eaton Corporation PLC launched Dim-to-Warm LED technology. LED products are offered in four-color temperatures including 2700K, 3000K, 3500K, and 4000K to satisfy the different needs of dwellings, hospitality, retail, office, and institutional spaces.
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.
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. The increasing adoption of LED based lighting products and increasing number of hospital in emerging economies are the key factor driving the market growth. Moreover, increasing government support to energy efficiency program for hospitals is contributing to the growth of market.
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In 2016, North America is expected to account for the largest share of the market, followed by Europe. North America will continue to dominate the market in the forecast period due to ample government support and utility funding in order to promote energy efficiency projects and to support the modernization of hospital lighting industry. However, the market in Asia is expected to witness the highest CAGR, with the growth centered on China, Japan, and India.
Target Audience:
- Healthcare service providers (hospitals and surgical centers)
- Manufacturers of lighting Products
- Vendors and Distributors of Hospital Lightings
- Hospitals and clinics
- Research Institutes
- Venture Capitalists and Investors
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