Market Research Future published a research report on Fluorescent Lighting Market Research Report - Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
The global fluorescent lighting market witnesses steadily rising value. The market growth mainly attributes to the augmenting demand for the highest quality and reliability lighting solutions in high precision working environments in industrial areas, including assembly lines, warehouses, process areas, commercial complexes, and others.
Efficient lighting system is an essential aspect of industrial areas and large commercial buildings like malls and airports. Energy-efficient lighting systems have a significant impact on an industry's economy. Lighting systems account for up to 80% of a warehouse's energy bill, and hence, industries increasingly shift to efficient and cost-effective solutions as much as possible.
To remain strong in the market, industries need to scrutinize costs across every process. Over the last decade, industrialization worldwide has spurted vastly, which drives the growth of the market. Therefore, fluorescent lighting systems that operate effectively in vivid working conditions are much in demand.
According to Market Research Future (MRFR), the global fluorescent lighting market valuation is expected to escalate further by 2027, growing at an impressive CAGR during the forecast period (2020 – 2027). Other major factors bolstering the market growth are the prominence of fluorescent lighting in leveraging workers' safety, a paramount concern across the industries.
Global Fluorescent Lighting Market – Segments
The fluorescent lighting market analysis is segmented into types, installation, applications, and regions. The type segment is sub-segmented into linear fluorescent lamps (LFL), cold cathode fluorescent lamps (CCFL), and compact fluorescent lamps (CFL). The sub-segment CFL is further bifurcated into plug-in CFL, integral CFL, adapter CFL, screw-based CFL, and pin-mounted CFL.
The installation segment is sub-segmented into new installation and retrofit. The application segment is sub-segmented into commercial, residential, and industrial. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
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Fluorescent Lighting Market – Regional Analysis
Europe dominates the global fluorescent lighting market. The largest market share attributes to substantial investments made by industry players in the manufacturing of different types of fluorescent lighting systems, including LFL, CCFL, and CFL. Fluorescent lights have a huge demand in Europe due to their advantages over incandescent lamps that uses phosphor coating.
Besides, rapid developments in the lighting and smart lighting industries increase fluorescent lighting market size. Moreover, the rising use of high-quality fluorescent lighting systems in road lights and highway applications to improve traffic safety and enhance the city's aesthetic value contribute to the regional market growth. Also, the high growth in infrastructural building projects in the region pushes the market growth.
The Fluorescent Lighting Market in the Asia Pacific region takes the second lead globally. The market is driven by rapid industrialization and the increasing number of infrastructure development activities in the region.
Additionally, the proliferation of the smart city concept, especially in countries like China, Japan, and India, positions the region in the leading position in the global market. The region is expected to demonstrate rapid growth in the forthcoming period.
The North American fluorescent lighting market has emerged as a profitable market globally. Factors such as the early adoption of advanced lighting technologies and the presence of global players such as General Electric Company (GE) and others foster the growth of the market.
The US accounts for the largest share in the fluorescent lighting market. Simultaneously, the market in Canada demonstrates a higher growth rate, while the Mexican fluorescent lighting market grows at a stable rate.
Global Fluorescent Lighting Market – Competitive Analysis
The fluorescent lighting market appears to be highly competitive due to the presence of several small and large-scale players. These players incorporate strategic initiatives such as innovations in products and manufacturing techniques, mergers & acquisitions, and brand reinforcement to churn the market competition and maintain their positions in the market.
Players leading the global fluorescent lighting market include General Electric Company (US), OSRAM Licht AG (Germany), Panasonic Corporation (Japan), Bridgelux (US), Schneider Electric SE (France), Cree Inc. (US), Dialight PLC (US), Nichia Corporation (Japan), Eaton Corporation Inc. (US), Everlight Electronics Co Ltd (Taiwan), Emerson Electric Co. (US), Koninklijke Philips NV (Netherlands), and Toshiba Lighting and Technology (Japan), among others.
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