The global LED downlight market reached a value of US$ 17.3 Billion in 2018. LED downlights refer to recessed light fixtures which are installed into a hollow opening in a ceiling. These lights are extensively used across residential and commercial spaces. They are extremely energy-efficient and eco-friendly lighting solutions which emit light in the downward direction with a narrow beam. These lights have a relatively longer lifespan with minimum heat radiation. Initially intended for directional lighting, the newer product variations find extensive applications in malls, offices, hallways, kitchens, bathrooms and showrooms. Dimmer switches can be also added to these downlights to control the level of light output. They are available in a wide range of sizes and lumen packages and are a viable alternative to compact fluorescent and incandescent lamps.
Since LED downlights are capable of withstanding rough conditions like external shocks and vibrations, exposure to extreme weather conditions, and traffic-related public exposure, they are an extremely preferred choice for outdoor lighting systems. In addition, the sales of these lights are also proliferating since they consume a negligible amount of electricity and emit lesser amount of ultraviolet (UV) rays and heat. Apart from this, on account of the rising prices of electricity in several developing economies, the governments are taking initiatives to encourage the widespread incorporation of LED lights across various sectors. Furthermore, aggressive marketing initiatives by manufacturers and vendors through various advertising media is also providing impetus to the market growth. According to IMARC Group, the market is anticipated to exceed US$ 29 Billion by 2024, expanding at a CAGR of 8.4% during 2019-2024.
Breakup by Application:
Retrofit represents the largest application segment of the LED lighting market. This can be attributed to the increasing preference of the masses toward retrofitting of existing lighting fixtures with LED lights.
China holds the leading position in the LED lighting market. The Government of China has taken severe steps to develop and implement energy-saving and eco-friendly lighting technologies which has bolstered the market growth in this region.
The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.
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