According to the latest report by IMARC Group, titled "LED Downlight Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global LED downlight market reached a value of US$ 21.3 Billion in 2021. A light-emitting diode (LED) downlight is generally installed in the ceiling to provide illumination in a specific space, especially in commercial and residential areas. It is a recessed light fixture, which contains a hollow opening that emits light in the downward direction with a narrow beam. Apart from this, it is also utilized for task and accent lightings that help enhance the aesthetic appearance of a place. Along with this, it has a relatively longer lifespan while being energy-efficient in nature with little to no maintenance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global LED Downlight Market Trends:
The global market is primarily driven by the increasing investments by public and private firms for infrastructural development projects. Along with this, the rising awareness regarding sustainable development among the masses has led to the widespread adoption of LED downlights as they are eco-friendly and offer the same illumination output as traditional bulbs. Also, the rising popularity of LED retrofitting for excellent lumen power and better service life at less wattage is positively influencing the market growth. Furthermore, the widespread utilization of outdoor illumination systems due to their capacity to withstand harsh conditions, such as rough weather, vibrations and external shocks, is creating a positive outlook for the market further. Some of the other factors contributing to the market include the introduction of compact-sized LED downlights, a continual rise in the electricity costs across the globe and the numerous favorable initiatives undertaken by the governments of various countries to promote the uptake of LED lights. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of
8.94% during 2022-2027.
- Based on the application, the market has been segmented into retrofit, retail and hospitality, outdoor, offices, architectural, residential and industrial. Among these, retrofit currently represents the leading market segment.
- On the basis of the regional insights, the market has been divided into India, China, Europe, the United States, Japan, Brazil, Russia and others. Among these, China currently holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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