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Commercial fluorescent lighting MARKET REPORT OVERVIEW
The global commercial fluorescent lighting market size was USD 548.9 million in 2019 and the market is projected to touch USD 1033.6 million by the end of 2026, exhibiting a CAGR of 9.4% during the forecast period.
The commercial fluorescent lighting market has seen significant growth over the years due to its energy efficiency, cost-effectiveness, and longevity. These lighting solutions are widely utilized in various commercial spaces such as offices, retail stores, hospitals, and educational institutions. With advancements in technology, modern fluorescent lighting fixtures offer improved luminous efficacy and color rendering, making them preferred choices for ambient lighting in commercial settings.
The retrofitting of existing lighting systems with energy-efficient fluorescent alternatives is gaining traction, particularly as businesses seek to reduce their carbon footprint and operating expenses. With ongoing research and development efforts focused on enhancing the performance and lifespan of fluorescent lighting, the market is poised for continued growth, catering to the evolving needs of commercial establishments worldwide.
COVID-19 Impact: Market Growth Restrained by Pandemic Due to Economic Uncertainties
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The outbreak of the COVID-19 pandemic significantly impacted various industries worldwide, and the commercial fluorescent lighting market was no exception. With lockdowns, restrictions on movement, and economic uncertainties, the demand for commercial fluorescent lighting experienced fluctuations. While there was a slowdown in the market due to disrupted supply chains and decreased construction activities during the initial phases of the pandemic, the market gradually regained momentum as businesses adapted to remote work setups and began investing in upgrading their indoor lighting systems to improve energy efficiency and maintain conducive work environments in line with health guidelines.
LATEST TRENDS
"Embracing Energy Efficiency to Drive Market Growth"
One prominent trend shaping the commercial fluorescent lighting market is the increasing emphasis on energy efficiency. Businesses are increasingly recognizing the importance of reducing energy consumption not only to lower operational costs but also to align with sustainability goals and regulatory requirements. As a result, there is a growing preference for energy-efficient fluorescent lighting solutions that offer high luminous efficacy and longer lifespans, thereby minimizing the environmental impact while maximizing cost savings over the long term.
Commercial fluorescent lighting MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Trichromatic Fluorescent Lighting, Cold White Light Color Fluorescent Lighting, Warm White Light Color Fluorescent Lighting.
- Trichromatic Fluorescent Lighting: Trichromatic fluorescent lighting, also known as full-spectrum lighting, replicates natural sunlight by emitting a balanced spectrum of visible light wavelengths. This type of lighting is favored for its ability to enhance color rendering and visual acuity, making it suitable for applications where accurate color representation is crucial, such as art galleries, retail spaces, and photography studios.
- Cold White Light Color Fluorescent Lighting: Cold white fluorescent lighting emits a cooler color temperature, typically ranging from 5000K to 6500K on the Kelvin scale. This type of lighting is preferred for environments where a bright, crisp illumination is desired, such as offices, hospitals, and educational institutions. It creates a refreshing ambiance that promotes productivity and alertness, making it ideal for task-oriented activities.
- Warm White Light Color Fluorescent Lighting: Warm white fluorescent lighting emits a warmer color temperature, typically ranging from 2700K to 3500K on the Kelvin scale. This type of lighting produces a soft, inviting glow reminiscent of traditional incandescent bulbs, making it well-suited for hospitality settings, restaurants, and residential spaces. It creates a cozy atmosphere conducive to relaxation and socialization, enhancing the overall comfort and ambiance of the environment.
By Application
Based on application the global market can be categorized into Indoor Application, Outdoor Application.
- Indoor Application: Indoor applications encompass a wide range of commercial and industrial settings, including offices, retail stores, healthcare facilities, educational institutions, and manufacturing plants. Fluorescent lighting fixtures designed for indoor use are engineered to provide optimal illumination while maximizing energy efficiency and minimizing glare. These fixtures are available in various sizes, shapes, and configurations to suit diverse indoor environments and architectural requirements.
- Outdoor Application: Outdoor applications require lighting solutions that can withstand exposure to harsh environmental conditions, such as rain, wind, and extreme temperatures, while delivering reliable performance and visibility. Fluorescent lighting fixtures designed for outdoor use are constructed with durable materials and sealed enclosures to protect against moisture and debris ingress. They are commonly employed for illuminating parking lots, roadways, building facades, and public spaces, enhancing safety and security during nighttime hours.
DRIVING FACTORS
"Adoption Of Energy-Efficient Lighting Solutions to Boost the Market"
The increasing adoption of energy-efficient lighting solutions, coupled with stringent regulations aimed at reducing carbon emissions and promoting sustainable practices, is driving the growth of the commercial fluorescent lighting market. Businesses across various sectors are upgrading their lighting infrastructure to comply with energy efficiency standards and capitalize on cost-saving opportunities associated with reduced energy consumption and maintenance expenses. Additionally, advancements in fluorescent lighting technology, such as the development of more efficient ballasts and phosphor coatings, are further fueling the commercial fluorescent lighting market growth by offering enhanced performance and reliability.
"Awareness about the Importance of Adequate Lighting to Expand the Market"
Rising awareness about the importance of adequate lighting in enhancing productivity, safety, and well-being in commercial environments is driving the demand for fluorescent lighting solutions. Businesses are recognizing the benefits of investing in high-quality lighting systems that provide optimal illumination while minimizing energy costs and environmental impact. Furthermore, the versatility of fluorescent lighting fixtures, which can be customized to meet specific application requirements and aesthetic preferences, is expanding their market penetration across diverse industries and geographies.
RESTRAINING FACTORS
"Light-Emitting Diodes (LED) to Potentially Impede Market Growth"
Despite the numerous benefits offered by fluorescent lighting, such as energy efficiency, cost-effectiveness, and longevity, the market faces challenges related to increasing competition from alternative lighting technologies, such as light-emitting diodes (LEDs). LED lighting has gained traction in recent years due to its superior energy efficiency, longer lifespan, and decreasing costs, posing a competitive threat to traditional fluorescent lighting solutions. Additionally, concerns about the environmental impact of mercury-containing fluorescent lamps and the proper disposal of spent lamps present regulatory and operational challenges for market players.
Commercial fluorescent lighting MARKET REGIONAL INSIGHTS
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa
"North America to dominate the Market Comprising Developed Economies "
In North America, comprising developed economies with stringent energy efficiency regulations and a strong focus on sustainability, the demand for commercial fluorescent lighting is experiencing steady growth. Government initiatives promoting energy conservation and green building practices are driving the adoption of energy-efficient lighting solutions in commercial and industrial sectors. Moreover, the presence of established infrastructure and distribution networks facilitates the commercial fluorescent lighting market share, enabling key players to capitalize on emerging opportunities and strengthen their market position through strategic partnerships and product innovation initiatives.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
Within the dynamic landscape of the commercial fluorescent lighting market, key industry players are driving innovation and propelling market expansion through their strategic initiatives and technological advancements. These industry leaders demonstrate a deep understanding of market dynamics and customer needs, leveraging their expertise to develop cutting-edge lighting solutions that deliver superior performance, energy efficiency, and reliability. By fostering collaborations, investing in research and development, and adapting to evolving regulatory requirements, these key players are instrumental in shaping the future trajectory of the commercial fluorescent lighting market and driving sustainable growth across global markets.
List of Market Players Profiled
- Philips Lighting (Netherlands)
- Osram Sylvania (Germany)
- GE Lighting (U.S.)
- Acuity Brands (Lithonia Lighting) (U.S.)
- Cooper Lighting (U.S.)
- Kolb Electric (U.S.)
- Cree (U.S.)
- LA Lighting (U.S.)
INDUSTRIAL DEVELOPMENT
October 2023: Focus on horticulture and plant growth applications: Specialized fluorescent lighting systems with optimized spectrums were developed for controlled-environment agriculture, promoting optimal plant growth and yield. Fluorescent lighting plays a crucial role in enabling vertical farms to operate indoors, regardless of natural light availability. This opens up opportunities for sustainable food production closer to consumers, reducing transportation emissions and promoting local food systems.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 548.9 Million in 2019 |
Market Size Value By |
US$ 1033.6 Million by 2026 |
Growth Rate |
CAGR of 9.4% from 2019 to 2026 |
Forecast Period |
2019-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the commercial fluorescent lighting market expected to touch by 2026?
The global commercial fluorescent lighting market is expected to reach USD 1033.6 million by the end of 2026.
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What CAGR is the commercial fluorescent lighting market expected to exhibit by 2026?
The commercial fluorescent lighting market is expected to exhibit a CAGR of 9.4% by 2026.
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Which are the driving factors of the commercial fluorescent lighting market?
Adoption of energy-efficient lighting solutions and awareness about the importance of adequate lighting are some of the driving factors of the Commercial Fluorescent Lighting market.
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What are the key commercial fluorescent lighting market segments?
The key Commercial Fluorescent Lighting market segmentation that you should be aware of, which include, Based on type the commercial fluorescent lighting market is classified as Trichromatic Fluorescent Lighting, Cold White Light Color Fluorescent Lighting, Warm White Light Color Fluorescent Lighting. Based on application the commercial fluorescent lighting market is classified as Indoor Application, Outdoor Application.