ID: MRFR/SEM/7029-HCR | February 2021 | Region: Global | 111 pages
Fluorescent Lighting Market was valued at USD 4.87 Billion in 2018; it is expected to reach USD 14.01 Billion by the end of the forecast period at a CAGR of 16.3%. Fluorescent is a versatile lighting completely different from traditional lights. Fluorescence is utilized to produce visible lights that are vibrant. This glass lamp or tube contains gases, mercury and chemicals to produce invisible UV light. The benefits of these lamps are that is it more efficient lights than incandescent lamps. They are much cooler with low heating features. There is a phosphor powder inside the lamp that is illuminated when the light passes through the glass. The fluorescent lights have two mechanisms in total. There is a starter witch and a magnetic blaster in these lights. Today, fluorescent lights are used for a wide range of applications.
The UV light-emitting advantage of the light is suitable for many reasons. These lights have both residential and commercial use. Fluorescent lighting in a residential setting is gaining more traction in recent years. They are used as decorative lights and lighting systems for energy efficiency. Shadow free lighting is possible with it in households. Also, the different sizes and shapes of this light are suitable in any area. Compact fluorescent lamps have immense demand in the global market.
The outbreak of covid 19 is leading to unprecedented changes in global markets. Fluorescent lighting is energy-efficient light with exceptional functions. They are cost-efficient than LED lights. However, the fluorescent lighting market is facing supply chain disruption in this period. The lockdowns and restrictions are causing plenty of losses for the market. Since 2020, the market operations are lethargic leading to a low demand rate.
Manufacturing new lights are difficult in this period. The production rate of the fluorescent lighting market is decreasing. The closure of manufacturing facilities in the US and China is a drawback for the market. Less cash flow is leading to low market operations. However, many of the marketers are keeping their markets open in some form. Also, in the upcoming years, market operations are expected to resume. The fluorescent lighting market is expected to recover faster.
The growing demand for energy-efficient lights is a crucial driver of the fluorescent lighting market. The awareness about efficient lights is higher than ever. It is opening new demand and supply opportunities for the fluorescent lighting market. The fluorescent lights are eco friendly as they are not prone to overheating, they do not harm the environment in any way. High energy efficiency and natural lighting process are benefits of it. It is a light market having high demand to due cost efficiency. They are comparatively lower than LED, halogen and incandescent lights. The low-cost benefits will boost its demand in emerging economies.
Further, bright illumination features are other drivers of the fluorescent lighting market. The illumination of this light is vibrant. The light emitted is powerful and bright than any other light. The phosphors powder coating is the reason for this feature. When light emits through the phosphor costing it is 10% brighter and whiter than other lights. Furthermore, the growing demand for fluorescent light in outdoor applications is a driving factor. These lights are utilized in parking systems and tunnels due to their bright lighting capacity. All these crucial drivers of the market will propel Fluorescent Lighting Market Demand immensely.
Growing industrialization is expected to increase Fluorescent Lighting Market Growth opportunities. In the next few years, industry 5.0 is estimated to bring plenty of development in the market. The need for energy-efficient lighting is a crucial part of this development. The adoption rate of fluorescent lights re higher due to their long life. This adoption of fluorescent lighting in industries will increase the production and expansion rate of the fluorescent lighting market.
Further, offices, malls, retails, cafeterias and commercial spaces are using fluorescent lighting. In the upcoming years, this development will expand the market. Further, the rising research and developments activities in the market will lead to exceptional growth opportunities. With research the technological advancements in the market are high. Urbanization and modernisation will lead to new product launches in the fluorescent lighting market. The flour cent lights are not only energy efficient but attractive. It leads to a wider audience for the market. The new product launches will attract many end-users. All these growth opportunities will lead to high profitability in the market.
The fluorescent lighting market has high demand due to its eco-friendliness. These lights do not overheat or harm the environment. However, they can use harmful chemicals and toxins to produce light. The use of toxic materials is a restraining factor of the fluorescent lighting market.
Due to this, the use of these lights can decline in offices and confined spaces. The environmental conscious end users can decrease their use in a residential setting. Demand from households is responsible for the high growth of the market. However, decreased demand from key end-user can impede the growth. The low expansion rates and demand can lead to less supply of fluorescent lights.
The fluorescent are the most cost-efficient lights available. However, purchasing this light for large scale purposes can lead to high initial costs. The initial cost can be a significant challenge in this market. The initial cost is higher as these fluorescent lights have a higher life span.
Other lights have a similar initial cost but they have a very lower life span. Comparatively the fluorescent lighting is cost-efficient in long run. However, less awareness about the cost benefits of this product can be a challenge. Due to the initial cost, the end-user may adopt other alternatives of the market in upcoming years.
The Fluorescent Lighting Market Analysis shows a positive growth trend. There are plenty of factors that contribute to the growth of this market. Growing awareness for energy-efficient lights is a crucial driver of this market. High illumination, life span and exceptional performance of these lights lead to higher adoption.
The retrofit segment of the market will have the highest demand during this period. Also, a home segment of the market will have a higher requirement for these lights. However, the use of toxic materials is a key limitation of the market. Overall Fluorescent Lighting Market Trends are positive with promising growth opportunities.
Europe will dominate the Fluorescent Lighting Industry. The rapid industrial developments in the market will lead to higher adoption. Industrial developments will lead to more utilization of the fluorescent lighting market. The awareness about these lights is more in this region. Also, the demand from the residential sector of the market is higher.
Cost efficiency, longer lifespan and brighter lighting capacities are factors for high growth. There are plenty of key players in the market. These players contribute more investment to the research. New product launches and variations will be a crucial part of this region.
The competition in the fluorescent lighting market is high. There is the entry of new key players in the market that lead to high growth opportunities.
There are plenty of new developments in the market in upcoming years. Market expansion, acquisition, partnerships and mergers are key strategies in the competitive landscape.
The fluorescent lighting market is diversified into Asia Pacific, Europe and North America. Europe will outgrow other regional players with a high number of shares. The cost-efficiency of these lights lead to a high adoption rate. Also, there are new developments in the market in terms of product. The Asia Pacific is another region with the fastest growth in the fluorescent lighting market.
Cost efficiency and high brightness are the key factors for high adoption. The offices and other commercial units have high demand in the forecast period. All these factors will lead to high revenue rates. North America is a developed region with more utilization of fluorescent lighting. The awareness about its benefits is higher in this region. This entire regional player will contribute the highest for the growth.
The key players in the fluorescent lighting market are
Frequently Asked Questions (FAQ) :
Plug-In CFL, Integral CFL, Cold Cathode Fluorescent Lamp [CCFL], Screw-Based CFL, Adapter CFL, Linear Fluorescent Lamps [LFL], Pin-Mounted, are the types of fluorescent lighting.
Commercial, industrial and residential are the primary applications given in the report.
Mounting demand for environment-friendly lighting technologies along with the rising adoption of lighting products with longer shelf-life are some of the most important growth-stimulating factors in the market.
The main segments with respect to installation are new installation and retrofit.
Rapid advancements in lighting and the expansion of the smart lighting industry make Europe the top market for florescent lighting.