Reports
Global LED Panel Light Market Analysis, Share, Forecast: By Application: Retrofit, Retail and Hospitality, Outdoor, Offices, Architectural, Residential, Industrial, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global LED Panel Light Market Outlook
The global LED panel light market size was around USD 25.18 billion in 2023. The market is further projected to grow at a CAGR of 14% over the forecast period of 2024-2032 to attain a value of USD 81.88 billion by 2032.
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The LED panel light market is being driven by the rising environmental concern and the growing demand for eco-friendly products. The rapid technological advancement is further supporting the market growth globally. Retrofit, among other application segments, leads the market. The growth of the segment can be attributed to the increasing inclination of the masses towards the retrofitting of existing lighting fixtures with LED lights. These lighting solutions are extensively adopted across commercial spaces owing to their ability to start instantly, with no-restrike delays, in fast retrofitting situations. China is the leading market for LED panel light owing to the rapid urbanisation, strong growth of the economy, and the growing number of malls, hotels, and other commercial complexes in the country.
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Market Segmentation
LED panel light is a kind of lighting fixture that is extremely energy-efficient, long-lasting, and cost-effective. It gives uniform light output and demands less maintenance. These lighting solutions are eco-friendly and have a longer lifespan than traditional lights. Owing to these benefits, LED panel lights are considered one of the best lighting alternatives for indoor settings, rapidly substituting conventional fluorescent ceiling lights and incandescent lamps.
On the basis of application, the LED panel light market is divided into:
- Retrofit
- Retail and Hospitality
- Outdoor
- Offices
- Architectural
- Residential
- Industrial
The report also covers the major regional markets in the global LED panel light market, which include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The global LED panel light industry is being supported by rising environmental concerns and growing awareness regarding the benefits of LED lights over traditional lights, such as compact fluorescent and incandescent lamps. LED panel lights are easy to install, serve as a cost-effective alternative for premium lighting solutions, are available in various designs and materials, and also come in different shapes and sizes such as LED panel lightbox series (square), LED panel light slim series (round), and others. The good structural design of these panels allows heat and light to dissipate from sides, which further improves their life span. Further, the availability of advanced features such as dimmability, remote plug and play drivers, emergency options, motion sensors and timers and compatibility with building controls are primarily driving the global demand for LED panel lights. Owing to these capabilities, LED panel lights have emerged as one of the best led lighting alternatives for indoor settings.
The rising concerns regarding climate change coupled with the growing acceptance of technology are leading to an increased preference for LED panel lights. As these lighting solutions consume a negligible amount of electricity, further containing non-hazardous materials such as high-grade extruded aluminum and steel, they are becoming a popular choice for use among consumers. Moreover, stringent government regulations pertaining to the use of environmentally friendly and sustainable products is providing a boost to the industry. The manufacturers and leading players in the LED panel light market are continuously innovating their products owing to the advancements in the LED technology, which is expected to further aid the industry growth over the forecast period.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global LED panel light market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Senior LED
- Osleder Lighting Technology Co.,Ltd.
- Elstar
- Lumiron
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Application, Region |
| Breakup by Application | Retrofit, Retail and Hospitality, Outdoor, Offices, Architectural, Residential, Industrial, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Price Analysis | Historical and Forecast Price Trends- Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Senior LED, Osleder Lighting Technology Co.,Ltd., Elstar, Lumiron, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global LED Lighting Market Overview
8.1 Key Industry Highlights
8.2 Global LED Lighting Historical Market (2018-2023)
8.3 Global LED Lighting Market Forecast (2024-2032)
8.4 Global LED Lighting Market by Product Type
8.4.1 LED Lamps
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Modules
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Fixtures
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.5 Global LED Lighting Market by Application
8.6 Global LED Lighting Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Global LED Panel Light Market Analysis
9.1 Key Industry Highlights
9.2 Global LED Panel Light Historical Market (2018-2023)
9.3 Global LED Panel Light Market Forecast (2024-2032)
9.4 Global LED Panel Light Market by Application
9.4.1 Retrofit
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2023)
9.4.1.3 Forecast Trend (2024-2032)
9.4.2 Retail and Hospitality
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2023)
9.4.2.3 Forecast Trend (2024-2032)
9.4.3 Outdoor
9.4.3.1 Market Share
9.4.3.2 Historical Trend (2018-2023)
9.4.3.3 Forecast Trend (2024-2032)
9.4.4 Offices
9.4.4.1 Market Share
9.4.4.2 Historical Trend (2018-2023)
9.4.4.3 Forecast Trend (2024-2032)
9.4.5 Architectural
9.4.5.1 Market Share
9.4.5.2 Historical Trend (2018-2023)
9.4.5.3 Forecast Trend (2024-2032)
9.4.6 Residential
9.4.6.1 Market Share
9.4.6.2 Historical Trend (2018-2023)
9.4.6.3 Forecast Trend (2024-2032)
9.4.7 Industrial
9.4.7.1 Market Share
9.4.7.2 Historical Trend (2018-2023)
9.4.7.3 Forecast Trend (2024-2032)
9.4.8 Others
9.5 Global LED Panel Light Market by Region
9.5.1 Market Share
9.5.1.1 North America
9.5.1.2 Europe
9.5.1.3 Asia Pacific
9.5.1.4 Latin America
9.5.1.5 Middle East and Africa
10 Regional Analysis
10.1 North America
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Country
10.1.3.1 United States of America
10.1.3.2 Canada
10.2 Europe
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.2.3 Breakup by Country
10.2.3.1 United Kingdom
10.2.3.2 Germany
10.2.3.3 France
10.2.3.4 Italy
10.2.3.5 Others
10.3 Asia Pacific
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.3.3 Breakup by Country
10.3.3.1 China
10.3.3.2 Japan
10.3.3.3 India
10.3.3.4 ASEAN
10.3.3.5 Australia
10.3.3.6 Others
10.4 Latin America
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.4.3 Breakup by Country
10.4.3.1 Brazil
10.4.3.2 Argentina
10.4.3.3 Mexico
10.4.3.4 Others
10.5 Middle East and Africa
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.5.3 Breakup by Country
10.5.3.1 Saudi Arabia
10.5.3.2 United Arab Emirates
10.5.3.3 Nigeria
10.5.3.4 South Africa
10.5.3.5 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyers Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Manufacturing Process
13.1 Detailed Process Flow
13.2 Raw Material Requirements
13.3 Product Overview and Specifications
14 Price Analysis
15 Project Details, Requirements and Costs Involved
15.1 Land Requirements and Expenditures
15.2 Construction Requirements and Expenditures
15.3 Plant Machinery
15.4 Machinery Pictures
15.5 Raw Material Requirements and Expenditures
15.6 Raw Material and Final Product Pictures
15.7 Packaging Requirements and Expenditures
15.8 Transportation Requirements and Expenditures
15.9 Utility Requirements and Expenditures
15.10 Manpower Requirements and Expenditures
15.11 Other Capital Investments
15.12 Loans and Financial Assistance
16 Project Economics
16.1 Capital Cost of the Project
16.2 Techno-Economic Parameters
16.3 Product Pricing and Margins Across Various Levels of the Supply Chain
16.4 Taxation and Depreciation
16.5 Income Projections
16.6 Expenditure Projections
16.7 Financial Analysis
16.8 Profit Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Key Players’ Market Share
17.3 Company Profiles
17.3.1 Senior LED
17.3.1.1 Company Overview
17.3.1.2 Product Portfolio
17.3.1.3 Demographic Reach and Achievements
17.3.1.4 Certifications
17.3.2 Osleder Lighting Technology Co.,Ltd.
17.3.2.1 Company Overview
17.3.2.2 Product Portfolio
17.3.2.3 Demographic Reach and Achievements
17.3.2.4 Certifications
17.3.3 Elstar
17.3.3.1 Company Overview
17.3.3.2 Product Portfolio
17.3.3.3 Demographic Reach and Achievements
17.3.3.4 Certifications
17.3.4 Lumiron
17.3.4.1 Company Overview
17.3.4.2 Product Portfolio
17.3.4.3 Demographic Reach and Achievements
17.3.4.4 Certifications
17.3.5 Others
18 Industry Events and Developments
List of Key Figures and Tables
1. Global LED Lighting Market: Key Industry Highlights, 2018 and 2032
2. Global LED Lighting Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3. Global LED Lighting Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4. Global LED Lighting Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global LED Lighting Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global LED Lighting Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global LED Lighting Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. Global LED Panel Light Light Market: Key Industry Highlights, 2018 and 2032
9. Global LED Panel Light Light Historical Market: Breakup by Application (USD Billion), 2018-2023
10. Global LED Panel Light Light Market Forecast: Breakup by Application (USD Billion), 2024-2032
11. Global LED Panel Light Light Historical Market: Breakup by Region (USD Billion), 2018-2023
12. Global LED Panel Light Light Market Forecast: Breakup by Region (USD Billion), 2024-2032
13. North America LED Panel Light Light Historical Market: Breakup by Country (USD Billion), 2018-2023
14. North America LED Panel Light Light Market Forecast: Breakup by Country (USD Billion), 2024-2032
15. Europe LED Panel Light Light Historical Market: Breakup by Country (USD Billion), 2018-2023
16. Europe LED Panel Light Light Market Forecast: Breakup by Country (USD Billion), 2024-2032
17. Asia Pacific LED Panel Light Light Historical Market: Breakup by Country (USD Billion), 2018-2023
18. Asia Pacific LED Panel Light Light Market Forecast: Breakup by Country (USD Billion), 2024-2032
19. Latin America LED Panel Light Light Historical Market: Breakup by Country (USD Billion), 2018-2023
20. Latin America LED Panel Light Light Market Forecast: Breakup by Country (USD Billion), 2024-2032
21. Middle East and Africa LED Panel Light Light Historical Market: Breakup by Country (USD Billion), 2018-2023
22. Middle East and Africa LED Panel Light Light Market Forecast: Breakup by Country (USD Billion), 2024-2032
23. Global LED Panel Light Light Market Structure
Key Questions Answered in the Report
The global LED panel light market reached a value of USD 25.18 billion in 2023.
The market is projected to grow at a CAGR of nearly 14% in the forecast period of 2024-2032.
The market is estimated to reach a value of about USD 81.88 billion by 2032.
The major drivers of the market include rising disposable incomes, rising construction sector, surging environmental concerns, and the growing awareness about the benefits and cost-effectiveness of LED lights.
The introduction of favourable government initiatives aimed at promoting the use of energy-efficient lighting, the growing concerns regarding rapid climate change, and technological advancements and product innovations are the key trends fuelling the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market.
The various applications of LED panel light are retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial, among others.
The leading players in the market are Senior LED, Osleder Lighting Technology Co.,Ltd., Elstar, and Lumiron, among others.
Analyst Review
The global LED panel light market attained a value of USD 25.18 billion in 2023, driven by the rising environmental concern. Aided by the growing awareness regarding the benefits of LED lights over traditional lights and its cost-effectiveness, the industry is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 14%. The industry is projected to reach USD 81.88 billion by 2032.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. On the basis of application, the retrofit sector accounts for the largest share in the global industry. The major regional markets for LED panel light are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the above industry include Senior LED, Osleder Lighting Technology Co.,Ltd., Elstar, and Lumiron, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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