Elderly Care
Top 3 trends impacting Europe LED lighting market expansion
Having taken the conventional global lighting marketplace by storm, Europe LED lighting industry, in the recent years has emerged to a fertile investment ground for potential investors. The LED (light-emitting diode) technology, of late, has been gaining traction form variety of reasons, but most notably because of its extended lifespan, lower maintenance, and low energy consumption abilities. In addition, given the strict regulations and energy norms in Europe toward energy efficient solutions, it wouldn’t be wrong to quote that Europe LED lighting market share would soar several notches up in the years to come.
Germany Europe LED Lighting Market Size, by End-Use, 2017 & 2024 (USD Million)
The impact of banning halogen lightbulbs on Europe LED lighting market
According to reports, the EU announced a ban on the halogen light bulbs in Europe on September 1, 2018 and since then has been encouraging the consumers to switch to more energy-efficient LED technology. The ban and the switch – forming a part of Europe’s massive efforts in limiting environmental damage – have undeniably taken over the traditional lighting sales. According to experts, the move however, has also majorly impacted the masses financially as halogen bulbs are much more cost effective than LED lights. Nonetheless, over the years, many research reports have proved that a halogen bulb may be cheaper to buy, but the fact that the electricity cost will be much more expensive will ultimately nullify the price factor. In addition, halogen bulbs have an average life span of two years, while LEDs last for 15-20 years, in extension promoting the sales of LED lightings.
Another factor that further prompted the ban is the fact that LEDs consume only 1/5th of the total energy consumed by halogen bulbs, and phasing out of these traditional lightings will prevent over 15.2 million tons of carbon emission by 2025. According to EU officials for climate action & energy, this is a significant contribution toward fighting greenhouse gas emissions. Thus, the industry analysts report that the EU’s measures to phase out halogen bulbs will provide a strong ground for the growth of the overall Europe LED lighting industry in the coming years.
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The smart cities drive to favor Europe LED lighting industry expansion over 2018-2024
According to recent reports, the global urban population has escalated from 751 million in 1950 to over 4.2 billion in 2018, and is further projected to hit 7.7 billion by 2050. With the demographic changes, smart city projects have been identified as effective and promising way, many of the most emerging in Europe. In fact, the IDC (International Data Corporation) estimates the European spending on smart cities to surpass USD 19 billion in 2018.
Quite overtly, the increasing rate of smart city projects are indirectly expected to favor the growth of LED lightings, given the demand for smart and sustainable lighting products. It is prudent to mention that this trend has also been majorly fueling the smart lighting market, which is recently traversing on a lucrative roadmap, given the crucial role these components play in smart city infrastructure. The regional government has furthermore launched several smart city programs for deploying smart lighting solutions in the outdoor and indoor spaces. The need for sustainable as well as energy efficient lighting systems will further draw lucrative growth avenues for the Europe LED lighting market in the ensuing years.
Europe LED lighting industry magnates to play a major role in altering the business dynamics
With the advent of LED lightings, it comes as no surprise that there have been significant strides amongst the industry leaders to strengthen their regional foothold. Product breakthroughs and innovation remained the most adopted growth strategies for leading the way. A substantiation validating the fact is of Philips Lighting, that has recently introduced smart outdoor LED light bulbs which automatically turns on at night and turns off in the morning. Reportedly, these Philips’ LED Dusk-to-Dawn A19 Frosted Light Bulbs are gaining immense momentum with the smart city drives in the region.
Industry analysts further point out that the government-imposed energy efficiency norms have also been majorly contributing to the overall growth of Europe LED lighting market contenders. An instance bearing testimony to the same is of Future Designs, that has recently announced the development of custom-made LED luminaries to be deployed across many of the stations for the Crossrail transportation system in London, UK. It has been reported that such use of LED lightings in rail settings and subways will be fostering Europe LED lighting market share. Cree is another renowned name, that has recently announced an LED lights retrofit project for the street lights in the quaint New England community.
Clearly, all the above trends are playing a crucial role in the development of Europe LED lighting market size, which is certain to proliferate the profitability quotient of this business sphere. A presumption validating the same is of Global Market Insights, Inc., that claims the Europe LED lighting to surpass a remuneration portfolio of USD 30 billion by 2024.
Author Name : Ojaswita Kutepatil
U.S. geriatric care services market to register commendable growth prospects, global industry valuation to surpass a mammoth USD 1,490 billion by 2024
Geriatric care, having endorsed itself as a prominent sector in the healthcare space lately, has led to geriatric care services market registering substantial prominence. The industry, having depicted immense potential, is anticipated to emerge as a highly viable vertical in the years ahead. This does not come as a surprise however, considering that the global geriatric populace has been exhibiting a steady rise since the last half a decade, leading to a major upsurge in the prevalence of chronic diseases and a substantial rise in the demand for care services.
U.S. geriatric services market, by service , 2017 & 2024 (USD Million)
Taking into account the United Nation Statistics, the global geriatric care population which accounted for 809.4 million in 2012, is likely to rise by more than double by the end of 2050, to an approximate population of 2000 million. This increasing old age population will positively favor the geriatric care services industry landscape over the coming years.
Geriatric care service is a specialized segment of healthcare looking after the old age population in terms of their health, needs, living, and their overall quality of life. Owing to increasing old age population and growing number of care facilities like home care, day care, and institutional care services across the globe, the geriatric care services market size is quite overtly expected to increase in the coming years.
According to United Nation statistics, people aged 80 years and above, also referred to as the “oldest old” population is likely to reach 190.44 million by 2022. This age group is more prone towards respiratory, orthopedic, cardiovascular, and neurological disorders, which will further boost the demand for care services for this demography, in turn driving the geriatric care services market share. Technological advancements assisting the geriatric population who live independently is another factor boosting the industry size. Robotic technology and nurse call equipment are examples of such technological developments.
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As far as the geographical landscape is concerned, the United States is one such region that is expected to come as one of the lucrative grounds for the development of the geriatric care services market. As per a report by Global Market Insights, Inc., the U.S. geriatric care services market is anticipated to record a modest CAGR of 7.6% over 2018-2024. This growth is primarily driven by the rise in the elderly populace vulnerable to chronic diseases, in tandem with the upsurge in technological advancements that are now prevalent in geriatric care services. Not to mention, the U.S. is remnant of high healthcare spending, that would lead to the country resulting accumulating the largest market share across the globe.
Another factor that is likely to fuel the U.S. geriatric care services market is that the regional government is borderline fanatic about ensuring that its citizens are able to have access to excellent healthcare services at reasonable costs.
Speaking of the regional spectrum, it is prudent to mention another major participant of the global geriatric care services market. Germany, a crucial player of the Europe geriatric care services industry, has been pivotal in upholding its stance in the global business space. In 2017, Germany apparently emerged as the dominant player in the Europe geriatric care services market, with a valuation of around USD 73,809.2 million. The region is projected to accrue substantial returns by the end of 2024, driven by the rising demand for cost-saving insurance plans charted out for the elderly populace in the nation. That said, the country also boasts of extensive healthcare expenditure that has led to an upsurge in reimbursement policies for the elderly, further propelling the Germany care service market.
The geriatric care services industry is highly fragmented and fairly competitive. The business space is shared by the biggies as well as the new entrants. Price and quality of service provided by these players will be the major factor to sustain competition. The coming years will witness interesting developments like strategic collaborations and mergers & acquisitions in this industry that would help catapult the geriatric care services market share higher. Incidentally, the competitive spectrum of this industry comprises Senior Care Centers of America, Brookdale Senior Living, Kindred Healthcare and Genesis Healthcare Corp.
Author Name : Saipriya Iyer
Global Market Insights Inc. 