Increase in acquisitions of solar build products is one of the key drivers of the solar surgical light market. In the last decade, the need for different solar energy built products has grown, which can be the attribute to the rise in expenditure in R&D of these products. Strict government rules to lower carbon release is the major driving factor of the solar surgical light market. Reasons including increase in product proximity, increase in need for well provided functioning rooms by health care executive and surgeons, and availability of healthcare provisions mostly in the developing countries are expected to increase the development of the solar surgical light market.
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Market Trends
- Shift in Focus towards Renewable Source of Energy
- Increase in adoption of renewable energy-based products is one of the key drivers of the global solar surgical light market. In the last few years, the demand for various solar power-based product has risen, which can be ascribed to the increase in investment in R&D of these products.
- Government Regulations to Safeguard Environment from Harmful Emissions of Greenhouse Gases
- Stringent government regulations to reduce carbon and other greenhouse gas emission is another major driving factor for the global solar surgical light market. Favorable government schemes to promote installation of solar surgical light systems also fuel the market growth. Furthermore, from a viewpoint of protection of the environment, majority of industries and government bodies are shifting from conventional lighting system to watt solar powered lighting systems.
- Increased Urbanization and Industrialization Results in Rise in Demand for More Power Sources
- With the rise in number of industries in developing countries such as China and India, the demand for power grows at an enormous rate. However, the frequent unavailability and the rise in prices of conventional sources of energy are major obstacles that hinder the market growth. Hence, industries are looking for cheaper and reliable renewable sources of energy and the market for solar surgical light is expected to grow in the coming years.
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COVID-19 Impact Analysis
- The coronavirus’s unfavorable global effects are already evident, and had a big impact on the solar surgical light market in 2020.
- The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the solar surgical light market to a great extent as the consumers’ consumption and demand patterns are changing amidst the pandemic.
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