The new report by Expert Market Research titled, 'Global LED Panel Light Market Size, Share, Analysis, Trends, Report and Forecast 2020-2025′, gives an in-depth analysis of the global LED panel light market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Market Size (2019): USD 17 billion
2. Forecast CAGR (2020-2025): 14%
3. Forecast Market Size (2025): USD 37.3 billion
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Increasing environmental issues and the rising awareness of the advantages of LED lights over conventional lighting, including fluorescent compact and incandescent lamps, are aiding the global LED panel light industry. The easy-to-install LED panel lights serve as an affordable option for luxury products. They are available in various designs and materials and are also available in many shapes and sizes, including lightbox series (square), light slim series (round panel) for LED panels, and many others. The successful structural quality of these panels allows for a further increase of heat and light from sides. Thus, the wide variety of options available in the market and its favourable features over its alternatives are supporting the growth of the LED panel light industry. Advanced features, including dimmability, remote plug and play drivers, emergency options, movement sensors, and timers, and building control compatibility, are further expected to drive the global LED panel light market.
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Industry Definition and Major Segments
LED panel light is a type of lighting system which is energy-efficient, long-lasting, and economical. The light output is uniform, and it requires much less maintenance. Such illumination solutions are environmentally friendly and have a longer service life than conventional lighting systems.
Based on application, the LED panel light market is segmented into:
2. Retail and Hospitality
Regionally, the market can be segmented into:
1. North America
2. Latin America
4. Middle East and Africa
5. Asia Pacific
The market is being aided by the rising eco-consciousness, the growing acceptance of the technology acceptance is increasing, and a rising preference for LED lights. As these lighting solutions consume negligible quantities of energy, they are becoming a common consumer option. In addition, the industry is driven by strict government legislations on the use of environmentally friendly and renewable goods. Due to developments in LED technology that are expected to further help the industry's growth during the forecast period, manufacturers and market leaders in the LED light panel market are continuously innovating their products.
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Key Market Players
The major players in the market are Senior LED, Osleder Lighting Technology Co.,Ltd., Elstar, and Lumiron, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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