New York, US, June 22, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Fluorescent Lighting Market - Information by Type, Installation and Application - Forecast till 2027” the market was valued at USD 4.87 Billion in 2018; it is expected to reach USD 14.01 Billion by 2025 at a CAGR of 16.3%.
Market Scope:
Fluorescent lighting is a technology that depends on chemical reactions inside the glass tube for creating light. This chemical reaction includes mercury vapors and gases to create an invisible light. In other words, fluorescent lamps are more efficient and cooler than incandescent lamps that emit fluorescence of the phosphor coating. This light illuminates the phosphor powder coating inside the glass tube, releasing white fluorescent light. There are two mechanisms used for fluorescent lamps. In the first method, a starter switch and magnetic ballast are used to provide a flow of AC current to the lamp.
Dominant Key Players on Fluorescent Lighting Market Covered are:
- OSRAM Licht AG (Germany)
- General Electric Company (US)
- Panasonic Corporation (Japan)
- Schneider Electric SE (France)
- Bridgelux (US)
- Cree Inc. (US)
- Nichia Corporation (Japan)
- Dialight PLC (US)
- Eaton Corporation Inc. (US)
- Emerson Electric Co. (US)
- Everlight Electronics Co Ltd (Taiwan)
- Toshiba Lighting and Technology (Japan)
- Koninklijke Philips NV (Netherlands)
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Market USP exclusively encompassed:
Market Drivers
During the forecast period, the fluorescent light market is expected to be driven by growing demand for environmentally friendly lighting technologies and rising adoption of lighting products with long shelf lives. The initial cost of equipment, on the other hand, is expected to restrict the market during the forecast period. The growing use of IoT is expected to generate opportunities in the fluorescent lighting industry.
Panasonic Corporation created the fluorescent circular tubes FCL 22D and FCL 32D, which provide non-directional light for decorative and functional luminaires. Philips compact fluorescent light (CFL) bulbs provide soft, comfortable lighting for a welcoming environment. These bulbs combine fluorescent lighting with the ease of use and popularity of incandescent lighting fixtures.
Segmentation of Market Covered in the Research:
The global fluorescent lighting market has been segmented based on type, installation, and application.
By type, the global fluorescent lighting market has been segmented into linear fluorescent lamps (LFL), cold cathode fluorescent lamps (CCFL), and compact fluorescent lamps (CFL). The CFL segment has been further divided into plug-in CFL, integral CFL, adapter CFL, screw-based CFL, and pin-mounted CFL.
By installation, the global fluorescent lighting market has been segmented into new installation and retrofit.
By application, the global fluorescent lighting market has been segmented into residential, commercial, and industrial.
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Regional Analysis
By region, the global fluorescent lighting market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
During the forecast period, Europe is predicted to dominate the fluorescent lighting industry. The fluorescent lighting market in this area is expected to be driven by rapid developments in the lighting and smart lighting markets.
Due to rapid growth in the semiconductor industry, electronic component manufacturing, and wireless technologies across the region, the Asia-Pacific market is expected to rank second and expand at a faster pace during the forecast period. During the forecast period, China, Japan, South Korea, and India are expected to dominate the fluorescent lighting industry.
North America is projected to occupy the third position in terms of market share due to the early adoption of the latest technologies and the presence of global players such as General Electric Company. During the review period, the United States is predicted to dominate the fluorescent lighting industry. However, the Canadian market is projected to expand at a faster pace during the forecast period. During the forecast period, the Mexican market is projected to expand at a steady pace.
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COVID-19 Impact on the Global Fluorescent Lighting Market
Fluorescent lighting is a highly flexible form of lighting that is in high demand due to its superior energy efficiency over halogen and incandescent light bulbs. Furthermore, fluorescent lighting is less expensive than LED lighting. The ongoing COVID-19 crisis has highlighted the possible threats and vulnerability of the lighting industry's value chain, causing companies to reconsider their global supply chain model. The lockdown has resulted in major losses in the first quarter of 2020. Maintaining a balance between supply and demand conditions has become increasingly difficult. To avoid the spread of COVID-19, all of these devices were placed on hold for an extended period of time. Factory closures in major countries like China and the United States have affected utility demand and cash flows. As a result, demand for fluorescent lighting decreased.
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Furthermore, several European countries have temporarily halted product export and import, putting pressure on manufacturers. The industry's innovations have also suffered a setback, with industry activities such as the Light Fair 2020 being canceled in order to combat the spreading pandemic.
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