The global LED panel light market size reached US$ 24.5 Billion in 2023. Looking forward, the market is projected to reach US$ 56.8 Billion by 2032, exhibiting a growth rate (CAGR) of 9.79% during 2023-2032.
LED panel light is a type of lighting fixture that is highly energy efficient and cost-effective, long-lasting, gives uniform light output, and requires less maintenance. Owing to these advantages, it is rapidly replacing conventional fluorescent ceiling lights and is considered one of the best lighting alternatives for indoor settings. Due to good structural design for heat dissipation and light emitting on sides, LED panel lights can disperse heat quickly which helps to extend their life span. Nowadays, the demand for these lights is high across the globe as they are available in various shapes, sizes and designs that are suitable for offices and conference rooms, hotels and restaurants, showrooms and malls, hospitals and laboratories, and educational institutes.
Unlike fluorescent light fixtures, LED panel lights have no-restrike delays and can start instantly and can be easily installed in fast retrofitting situations. Apart from this, these lights are rapidly gaining preference in highly controlled environments owing to their advanced features including dimmability, remote plug and play drivers, maintained three hours emergency options, compatibility with building controls, motion sensors and timers.
They are also being considered as a green alternative to traditional light fixtures as they are constructed with non-hazardous materials such as high-grade extruded aluminum and steel which have no disposal issues. Owing to these benefits, governments of various nations are also encouraging the use of LED panel lights to conserve energy and promote environmental protection. Moreover, with the advancements in the LED technology, manufacturers have launched LED products in new color variants, which is further contributing to their demand.
2. What is the expected growth rate of the global LED panel light market during 2024-2032?
3. What are the key factors driving the global LED panel light market?
4. What has been the impact of COVID-19 on the global LED panel light market?
5. What is the breakup of the global LED panel light market based on the application?
6. What are the key regions in the global LED panel light market?
7. Who are the key players/companies in the global LED panel light market?
LED panel light is a type of lighting fixture that is highly energy efficient and cost-effective, long-lasting, gives uniform light output, and requires less maintenance. Owing to these advantages, it is rapidly replacing conventional fluorescent ceiling lights and is considered one of the best lighting alternatives for indoor settings. Due to good structural design for heat dissipation and light emitting on sides, LED panel lights can disperse heat quickly which helps to extend their life span. Nowadays, the demand for these lights is high across the globe as they are available in various shapes, sizes and designs that are suitable for offices and conference rooms, hotels and restaurants, showrooms and malls, hospitals and laboratories, and educational institutes.
Unlike fluorescent light fixtures, LED panel lights have no-restrike delays and can start instantly and can be easily installed in fast retrofitting situations. Apart from this, these lights are rapidly gaining preference in highly controlled environments owing to their advanced features including dimmability, remote plug and play drivers, maintained three hours emergency options, compatibility with building controls, motion sensors and timers.
They are also being considered as a green alternative to traditional light fixtures as they are constructed with non-hazardous materials such as high-grade extruded aluminum and steel which have no disposal issues. Owing to these benefits, governments of various nations are also encouraging the use of LED panel lights to conserve energy and promote environmental protection. Moreover, with the advancements in the LED technology, manufacturers have launched LED products in new color variants, which is further contributing to their demand.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global LED panel light market report, along with forecasts at the global and regional levels from 2024-2032. The report has categorized the market based on application.Breakup by Application:
- Retrofit
- Retail & Hospitality
- Outdoor
- Offices
- Architectural
- Residential
- Industrial
Regional Insights:
- India
- China
- Europe
- United States
- Japan
- Brazil
- Russia
- Others
Competitive Landscape
The market is highly concentrated with the presence of a few small and large manufacturers who compete in terms of prices and quality.Some of the leading players operating in the market are:
- Nichia
- Osram
- Samsung Electronics
- Everlight Electronics
- LG Innotek
Key Questions Answered in This Report
1. What was the size of the global LED panel light market in 2023?2. What is the expected growth rate of the global LED panel light market during 2024-2032?
3. What are the key factors driving the global LED panel light market?
4. What has been the impact of COVID-19 on the global LED panel light market?
5. What is the breakup of the global LED panel light market based on the application?
6. What are the key regions in the global LED panel light market?
7. Who are the key players/companies in the global LED panel light market?
Table of Contents
1 Preface3 Executive Summary11 Loans and Financial Assistance13 Key Player Profiles
2 Scope and Methodology
4 Introduction
5 Global LED Lighting Industry
6 Performance of Key Regions
7 Market by Application
8 Competitive Landscape
9 LED Panel Light Manufacturing Process
10 Project Details, Requirements and Costs Involved
12 Project Economics
List of Figures
List of Tables
Companies Mentioned
- Nichia
- Osram
- Samsung Electronics
- Everlight Electronics
- LG Innotek
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 24.5 Billion |
| Forecasted Market Value ( USD | $ 56.8 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
