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 size of US$ 21.3 billion in 2021. Light-emitting diode (LED) is an electroluminescence device that emits light by combining current carrying particles, including electrons and holes, within the semiconductor material. LED downlights refer to recessed light fixtures which are installed into a hollow opening in a ceiling. They are widely used as a fixed lighting setup in residential and commercial spaces, such as hallways, bathrooms, kitchens, offices, malls, and showrooms. LED downlights emit light rays in the downward direction through a narrow beam, thereby providing enhanced brightness in an enclosed space. As compared to incandescent light, LED downlights are energy-efficient, generate minimal heat and radiation, and have a longer operational life. They are eco-friendly lighting solutions that are available in a wide variety of shapes, sizes, colors, and lumen packages.
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.
LED Downlight Market Trends:
The escalating demand for smart lightning solutions to conserve energy represents one of the key factors driving the market growth. LED downlight is widely installed in residential and commercial buildings as it consumes negligible electricity, emits less ultraviolet (UV) radiation, and produces low heat. In line with this, rapid expansion in smart city projects, especially in emerging economies, along with the rising environmental consciousness have led to a significant increase in the adoption of LED downlights in public buildings, which is acting as another growth-inducing factor. Furthermore, the widespread installation of LED downlights in outdoor lighting systems, as they can withstand rough conditions, such as external shocks, vibrations, extreme weather conditions, and traffic-related exposure, is providing a considerable boost to the market growth. Additionally, the introduction of WiFi-enabled smart LED downlights with attractive features, such as voice and remote control, time preset, a wide range of color selection, and device sharing through mobile applications, is creating a positive outlook for the market. Moreover, increasing consumer awareness regarding numerous product benefits over traditional lights, including easy installation and cost-effectiveness, is providing an impetus to the market growth. Besides this, rising initiatives by several governments to promote LED light installation across various sectors are favoring the market growth. Other factors, including increasing electricity prices, aggressive promotion activities by manufacturers and vendors through advertisements, and rising expenditure capacities of consumers, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 35.7 billion by 2027, exhibiting a CAGR of 8.94% during 2022-2027.
- On the basis of the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial. Currently, retrofit represents the largest application in the market.
- On a regional basis, the market has been categorized into India, China, Europe, The United States, Japan, Brazil, Russia, and others.
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
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