Fluorescent Lighting Market
The fluorescent lighting market is witnessing rapid revenue growth. According to Market Research Future (MRFR), the global fluorescent lighting market valuation is expected to escalate further by 2030, growing at an impressive CAGR during the forecast period (2023 – 2030). Lighting systems account for up to 80% of energy bills, and hence, industries are increasingly shifting to efficient and cost-effective solutions as much as possible.
Besides, factors such as augmenting demand for the highest quality and reliability lighting solutions in high precision working environments in industrial areas drive the market growth. Over the last decade, industrialization worldwide has spurted vastly, which drives the growth of the market. Efficient lighting system is an essential aspect of industrial areas and large commercial buildings like malls and airports.
Also, energy-efficient lighting systems have a significant impact on an industry's economy. To remain strong in the market, industries need to scrutinize costs across every process.
Therefore, fluorescent lighting systems that operate effectively in vivid working conditions, including assembly lines, warehouses, process areas, commercial complexes, are much in demand. Other major factors bolstering the market growth are the prominence of fluorescent lighting in leveraging workers' safety, a paramount concern across the industries.
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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.
Global Fluorescent Lighting Market – Segments
The fluorescent lighting market analysis is segmented into types, installations, 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.
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 developing 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 the 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.
Additionally, the proliferation of the smart city concept positions the region in the leading position in the global market. Rapid industrialization and the increasing number of infrastructure development activities in the region positively impact the fluorescent lighting market size.
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.