The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The global LED panel light market reached a value of US$ 19.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 37.5 Billion by 2027, exhibiting a CAGR of 11.64% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
LED panel light is a type of lighting fixture that is highly energy efficient and cost-effective, long-lasting, gives uniform light output, and requires less maintenance. Owing to these advantages, it is rapidly replacing conventional fluorescent ceiling lights and is considered one of the best lighting alternatives for indoor settings. Due to good structural design for heat dissipation and light emitting on sides, LED panel lights can disperse heat quickly which helps to extend their life span. Nowadays, the demand for these lights is high across the globe as they are available in various shapes, sizes and designs that are suitable for offices and conference rooms, hotels and restaurants, showrooms and malls, hospitals and laboratories, and educational institutes.
Unlike fluorescent light fixtures, LED panel lights have no-restrike delays and can start instantly and can be easily installed in fast retrofitting situations. Apart from this, these lights are rapidly gaining preference in highly controlled environments owing to their advanced features including dimmability, remote plug and play drivers, maintained three hours emergency options, compatibility with building controls, motion sensors and timers. They are also being considered as a green alternative to traditional light fixtures as they are constructed with non-hazardous materials such as high-grade extruded aluminum and steel which have no disposal issues. Owing to these benefits, governments of various nations are also encouraging the use of LED panel lights to conserve energy and promote environmental protection. Moreover, with the advancements in the LED technology, manufacturers have launched LED products in new color variants, which is further contributing to their demand.
IMARC Group provides an analysis of the key trends in each sub-segment of the global LED panel light market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application.
Breakup by Application:
Retrofit currently represents the largest application segment, accounting for the majority of the global LED lighting market share. Retrofitting of existing lighting fixtures with LED lights has gained immense popularity in both the indoor and outdoor lighting segments.
On the geographical front, China exhibits a clear dominance in the global LED lighting market. The increasing number of malls, hotels and other commercial complexes in the country have escalated the demand for LED lights.
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:
|Base Year of the Analysis||2021|
|Segment Coverage||Application, Region|
|Region Covered||India, China, Europe, United States, Japan, Brazil, Russia, Others|
|Companies Covered||Nichia, Osram, Samsung Electronics, Everlight Electronics and LG Innotek|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global LED panel light market was valued at US$ 19.6 Billion in 2021.
We expect the global LED panel light market to exhibit a CAGR of 11.64% during 2022-2027.
The rising demand for highly energy efficient, cost-effective, long-lasting, etc., lighting fixtures for indoor settings is primarily driving the global LED panel light market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for LED panel lights.
Based on the application, the global LED panel light market can be categorized into retrofit, retail & hospitality, outdoor, offices, architectural, residential, and industrial. Currently, retrofit accounts for the majority of the total market share.
On a regional level, the market has been classified into India, China, Europe, United States, Japan, Brazil, Russia, and others, where China currently dominates the global market.
Some of the major players in the global LED panel light market include Nichia, Osram, Samsung Electronics, Everlight Electronics, LG Innotek, etc.
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )
Drop us an email at