According to the latest report by IMARC Group, titled "LED Panel Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global LED panel light market reached a value of US$ 19.6 Billion in 2021. Light-emitting Diode (LED) panel light represents a category of energy-efficient lighting fixture that is designed for enabling uniform illumination, especially in indoor settings. It relies on integrated surface-mounted diode technology, which offers better structural design and superior efficiency over traditional filaments bulbs. As compared to conventional lighting systems, LED panel light provides better heat dissipation, requires lesser maintenance, consumes minimal energy, and has a longer operational life. Apart from this, it is durable, cost-effective, reliable, flexible, and eco-friendly in nature, on account of which it is extensively used across hotels, conference rooms, malls, showrooms, and educational institutions. At present, LED panel lights are commercially available in varying shapes, sizes, and design types.
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 Panel Light Market Trends:
The widespread adoption of LED panel lights across various commercial and residential sectors can be attributed to the increasing need for energy-efficient and affordable lighting solutions. This represents the key factor primarily driving the market growth. In line with this, the rising awareness amongst consumers regarding its several beneficial properties, including easy installation with no-restrike delays, is also propelling the market growth. Moreover, the growing environmental concerns have prompted governments of different nations to undertake multiple green initiatives promoting the uptake of LED panel lights in commercial complexes that are non-toxic in nature and offer reduced carbon emissions. This, in turn, is acting as another major growth-inducing factor. Additionally, significant technological advancements have resulted in the integration of various advanced features in the LED panel lights, such as motion sensors, play drivers, remote plugs, dimmability, timers, and emergency and building controls, which is contributing to the market growth. Apart from this, strategic collaborations amongst key players for manufacturing LED panel lights with non-hazardous materials, including high-grade aluminum and steel in numerous sizes, colors, and designs, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 37.5 Billion by 2027, growing at a CAGR of 11.64% during 2022-2027.
- Based on the application, the market has been classified into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial. Retrofit currently represents the largest application segment, accounting for the majority of the global LED lighting market share.
- On a regional basis, the market is dominated by China, followed by India, Europe, United States, Japan, Brazil, Russia, and others.
- The competitive landscape of 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.
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