According to a new market report published by Credence Research Inc “LED Tube Lights Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2026,” the global LED Tube Lights market worldwide was valued at US$ 3,705.0 Mn in 2017 and is set to cross US$ 13,000.0 Mn by 2026, growing with a CAGR of 15.2% during the forecast from 2018 to 2026.
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The demand for LED tube lights is growing considerably as these tubes offer smooth, constant and clear supply of light and consumes less power. Owing to their long life and higher efficiency these lighting tubes are rapidly replacing traditional fluorescent tube lights in residential and commercial applications. One of the most prominent factors driving the global LED tube lights market growth is the stringent energy consumption regulations being implemented in all major countries across the world. Moreover, the fact that LED tube lights offer high efficiency is another important factor leading to its increased adoption. Therefore, these factors are expected to drive the demand for LED tube lights during the forecast period from 2018 to 2026. However, high initial cost of LED tube lights is one of the restraining factors impacting the market growth negatively.
In 2017, the residential segment held the largest share in the overall tube lights market. Stringent consumption regulations introduced by major countries across the world coupled with incentives offered on less energy consumption is expected to drive the demand for LED tube lights. Moreover, shorter payback time is another prominent factor which has led to the increasing adoption of LED tube lights across the residential segment. Therefore, on account of the aforementioned factors, the residential segment expected to maintain its dominance throughout the forecast period from 2018 to 2026. With new commercial construction projects, the segment would exhibit robust growth during forecasted period. Architectural sector is the early adopter of LED tube lights in the U.S. and European countries. With consistently declining prices of LED tube lights, architectural sector have reached more than 70% shares of commercial LED lighting usage.
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In 2017, the U.S. LED tube lights market was dominated by ‘up to 5’ feet segment. In addition, the segment is predicted to continue its dominating position over the forecast period from 2018 to 2026. One of the most prominent factors aiding the ‘up to 5 feet’ segment growth is the fact that these tube lights are increasingly used for lighting purposes of comparatively smaller areas. These tube lights find application in offices, houses, educational institutes and retails stores among others. The 5 feet to 10 feet segment on account of its ability to be used for covering both smaller as well as larger areas expected to be the fastest growing segment during the forecast period.
The internal rivalry amongst the LED tube light manufacturers is high considering the similar type of product offering. Moreover, similar price offering further intensifies the competition and often leads to price war. In addition, with a growing share of LED lighting over the overall lighting market, internal rivalry among competitors expected to be high during the forecast period. Considering the enormous potential in the LED lighting industry, an increasing number of manufacturers are expected to venture into the market in the coming years. Some major players operating in the global LED tube light industry include Koninklijke Philips N.V., Cree, Inc, LG Electronics Inc., GE Lighting, Hubbell Incorporated, Cooper Industries, Samsung LED, Acuity Brands, Inc, Lighting Science Group Corp, Panasonics Corp, Eaton Lighting and OSRAM Licht AG among others.
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