According to the latest report by IMARC Group, titled “LED Downlight Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global LED downlight market size reached US$ 23.4 Billion in 2022. Light-emitting diode (LED), downlights refer to electroluminescence devices that are installed in ceilings or wall recesses to illuminate an area. They are comprised of several components, such as a heatsink, reflector, LED chip, lens, housing, and driver. They are widely used in living rooms, kitchens, bedrooms, offices, retail stores, showrooms, malls, gyms, arenas, hospitals, restaurants, hotels, and other commercial buildings. As compared to traditional lighting solutions, LED downlights are cost-effective, durable, energy efficient, and resistant to shocks, vibrations, and temperature fluctuations. They are also eco-friendly, require low maintenance, offer long service life, provide instant color rendering capabilities, and are available in a wide variety of shapes, sizes, and colors.
LED Downlight Market Trends:
The rising demand for energy-efficient lighting solutions due to increasing environmental concerns is one of the primary factors driving the market growth. LED downlight is widely used in residential, commercial, and industrial buildings as it produces less heat, reduces energy consumption, lowers electricity bills, and provides long service life. Furthermore, the growing product demand to create a welcoming atmosphere and highlight specific features of artworks, sculptures, and architectural details in museums and art galleries is acting as another growth-inducing factor. Apart from this, the implementation of various government initiatives to promote the use of energy-efficient lighting solutions for reducing carbon footprint is providing an impetus to the market growth. Additionally, the introduction of WiFi-enabled smart LED downlights that provide dimming and color change features and can be controlled through mobile applications, smartphones, and voice commands is positively influencing the market growth. Besides this, the recent development of anti-glare LED downlights that produces a softer and more diffused light, thus reducing eye strain and creating an ideal environment for reading, cooking, and working, is propelling the market growth. Moreover, the widespread installation of LED downlights in outdoor spaces due to their capability to withstand rough conditions, such as external shocks, vibrations, extreme weather conditions, and traffic-related exposure, is facilitating the market growth. Other factors, including rising consumer expenditure capacities, easy product availability across e-commerce platforms, extensive research and development (R&D) activities, and the growing demand for aesthetically pleasing lights, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 38.6 Billion by 2028, exhibiting a CAGR of 8.6% during 2023-2028.
- On the basis of the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial. At present, 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, with some of the key players being Acuity Brands Inc, Cree Lighting (Ideal Industries Inc.), DMF Lighting, Eaton Corporation plc, ELCO Lighting, General Electric Company, Havells India Limited, Hubbell Incorporated, JESCO Lighting Group LLC, Nora Lighting and Signify Holding.
|Base Year of the Analysis
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment
||Retrofit, Retail and Hospitality, Outdoor, Offices, Architectural, Residential, and Industrial
||India, China, Europe, United States, Japan, Brazil, Russia, and others
||Acuity Brands Inc, Cree Lighting (Ideal Industries Inc.), DMF Lighting, Eaton Corporation plc, ELCO Lighting, General Electric Company, Havells India Limited, Hubbell Incorporated, JESCO Lighting Group LLC, Nora Lighting and Signify Holding
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