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Zion Market Research recently published a report on, “Fluorescent Lighting Market By Type, By Installation, By Application, And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 - 2030”. According to the report, the Global Fluorescent Lighting Market size was worth at approximately USD 7.2 billion in 2022. The market is expected to grow above a CAGR of 9.5% and is anticipated to reach over USD 14.8 billion by 2030.
The report analyzes the global fluorescent lighting industry drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the fluorescent lighting market.
Fluorescent Lighting Market Overview:
Fluorescent lights are a type of gas-charged luminaire that emanates light via a chemical reaction involving gases and mercury vapour inside a glass tube to produce ultraviolet light. UV radiation illuminates a phosphor coating within the glass tube, producing white "fluorescent" light. In comparison to older lighting technologies such as incandescent, fluorescent lighting offers a number of significant benefits. They utilize less energy because they are significantly more efficient. They require replacement 13 times less frequently because they last 13 times longer.
During the forecast period, the fluorescent lighting market is anticipated to be driven by the rising acceptance of lighting products with extended shelf lives and the rising demand for environmentally favorable lighting technologies. On the other hand, it is anticipated that the market will be constrained for the duration of the forecast period due to the initial apparatus cost. The expanding adoption of the Internet of Things is expected to create opportunities in the fluorescent lighting market.
Key Insights from Primary Research
- As per the analysis, the Fluorescent Lighting market is likely to grow above a CAGR of around 9.5% between 2023 and 2030.
- The Fluorescent Lighting market size was worth around USD 7.2 billion in 2022 and is estimated to hit approximately USD 14.8 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The fluorescent lighting market growth is driven by its benefits such as energy efficiency and longer life span.
- Based on the type, the compact fluorescent lamp is expected to grow at a moderate rate over the forecast period.
- Based on the installation, the retrofit segment is expected to capture the largest market share over the forecast period.
- Based on the application, the commercial segment is expected to dominate the market over the forecast period.
- Based on region, North America is expected to dominate the market over the forecast period.
Industry Growth Factors:
- Energy efficiency and increased longevity fuel market expansion
Fluorescent lighting may produce the same number of lumens as incandescent lighting while consuming less energy. In residential and commercial contexts, compact fluorescent lamps (CFLs), also known as fluorescent tubes and bulbs, can produce 50 to 100 lumens per watt. In contrast, a standard incandescent bulb produces 16 lumens per watt. This advantage contributes to energy efficiency, which in turn reduces costs and energy consumption.
In addition, these lamps have a longer lifespan than their counterparts. A typical fluorescent bulb has a lifespan that is 10 to 20 times greater than that of an incandescent bulb. In contrast to incandescent bulbs, which only last 1000 hours, fluorescent lanterns can last between 6000 and 15000 hours. Consequently, these benefits are anticipated to drive the growth of the global fluorescent lighting market over the forecast period.
Competitive Players
The report contains qualitative and quantitative research on the global Fluorescent Lighting Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global Fluorescent Lighting market include;
Fluorescent Lighting Market: Segmentation
The global fluorescent lighting industry is segmented based on type, installation, application, and region.
Based on the type, the global market is bifurcated into compact fluorescent lamps, linear fluorescent lamps, and cold cathode fluorescent lamps. The demand for compact fluorescent lamps is anticipated to increase at a moderate rate during the forecast period. CFLs are renowned for their lower energy consumption compared to conventional incandescent bulbs.
Based on the installation, the global fluorescent lighting industry is divided into retrofit and new installation. Over the forecast period, the retrofit segment is anticipated to capture the greatest market share. The retrofit fluorescent light is utilized in place of the conventional incandescent light bulb. It emits lighter and has a longer lifespan than standard bulbs. Consequently, this is anticipated to stimulate segment growth.
Based on the application, the fluorescent lighting industry is segmented into general lighting, commercial lighting, residential lighting, industrial lighting, outdoor lighting, medical lighting, surgical and treatment lighting, general/mounted lighting, and others. During the forecast period, the commercial segment is anticipated to hold the majority of the market share. The office market has been an important one for fluorescent lighting.
Regional Analysis:
North America will lead the global market
North America is anticipated to dominate the global fluorescent lighting market during the forecast period. The expansion of the market is primarily attributable to the United States and Canada. The proliferation of large manufacturing firms throughout the region is related to the region's growth. In addition, the pervasive use of fluorescent lighting in a variety of end-user applications to conserve energy is driving market growth in the region. Cost-effectiveness and exceptional luminosity are crucial for widespread adoption.
During the forecast period, there will be a substantial demand for offices and other commercial properties. All of these factors will result in substantial revenue growth. A developed region in which fluorescent illumination is more prevalent than in North America. In this region, the advantages are more widely recognized. The largest growth contribution will be made by this entire regional entity.
Key questions answered in this report:
- What is the market size and growth rate forecast for Fluorescent Lighting industry?
- What are the main driving factors propelling the Fluorescent Lighting Market forward?
- What are the leading companies in the Fluorescent Lighting Industry?
- What segments does the Fluorescent Lighting Market cover?
- How can I receive a free copy of the Fluorescent Lighting Market sample report and company profiles?
The global fluorescent lighting market is segmented as follows:
By Type
- Compact Fluorescent Lamp
- Linear Fluorescent Lamp
- Cold Cathode Fluorescent Lamp
By Installation
By Application
- General Lighting
- Commercial Lighting
- Residential Lighting
- Industrial Lighting
- Outdoor Lighting
- Medical Lighting
- Surgical and Treatment Lighting
- General/Mounted Lighting
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2023-2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By Installation, By Application, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Click here to read the research report titled, “Fluorescent Lighting Market By Type, By Installation, By Application, And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 - 2030”.
