According to the latest report by IMARC Group, titled “LED Flood Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global LED flood light market size reached US$ 3.64 Billion in 2018. LED flood lights are high-intensity artificial lights that are widely utilized for outdoor lighting purposes. They offer a bright white light which beams out at a broad angle, efficiently directing light at the target area. These lights are extremely energy-efficient and offer higher illumination as compared to other lighting products, such as compact fluorescent lamps (CFLs) and incandescent lights. These lights are made up of sturdy materials to endure extreme temperatures and harsh weather conditions. Also, these lights do not produce ultraviolet (UV) or infrared radiations, owing to which they are widely employed to illuminate yards, stages, stadiums, playgrounds, warehouses, gardens, security perimeters and living spaces.
Global LED Flood Light Market Trends:
LED flood lights are extremely durable and have a relatively long service life, thereby reducing the requirement for frequent replacement. Additionally, these lights require minimal maintenance and are enclosed within unbreakable coverings. Moreover, since the heat emanated by these lights is very low, they aid in reducing the overall ambient room temperature across residential and commercial sectors. Owing to these features, along with the negligible repair and maintenance costs associated with them, these lights are gaining widespread preference among the masses. Apart from this, the escalating electricity costs and growing environmental-consciousness have led the masses to make a shift toward energy-efficient lighting systems, which is boosting the sales of these lights worldwide. Also, governments of various countries are promoting the use of these LED lights as a measure for sustainable development, which is further creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 6.35 Billion by 2024, growing at a CAGR of 9.3% during 2019-2024.
- Based on the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, residential and industrial segments. Amongst these, retrofit exhibits a clear dominance in the market.
- On the geographical front, China holds the leading position in the market, accounting for the majority of the total market share. Other major regions include India, Europe, the United States, Japan, Brazil, and Russia.
- The competitive landscape of the market has also been studied in the report with the detailed profiles of the key players operating in the market.
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