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Global LED Panel Light Market Analysis, Share, Forecast: By Type: Embedded, Suspended; By Application: Commercial/Industrial, Residential, Architectural, Residential, Industrial, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
LED Panel Light Market Size
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.
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.
LED Panel Light Market Report Snapshots
LED Panel Light Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global LED Lighting Market Analysis
8.1 Key Industry Highlights
8.2 Global LED Lighting Historical Market (2018-2023)
8.3 Global LED Lighting Market Forecast (2024-2032)
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 Type
9.4.1 Embedded
9.4.1.1 Historical Trend (2018-2023)
9.4.1.2 Forecast Trend (2024-2032)
9.4.2 Suspended
9.4.2.1 Historical Trend (2018-2023)
9.4.2.2 Forecast Trend (2024-2032)
9.5 Global LED Panel Light Market by Application
9.5.1 Commercial/Industrial
9.5.1.1 Historical Trend (2018-2023)
9.5.1.2 Forecast Trend (2024-2032)
9.5.2 Residential
9.5.2.1 Historical Trend (2018-2023)
9.5.2.2 Forecast Trend (2024-2032)
9.6 Global LED Panel Light Market by Region
9.6.1 North America
9.6.1.1 Historical Trend (2018-2023)
9.6.1.2 Forecast Trend (2024-2032)
9.6.2 Europe
9.6.2.1 Historical Trend (2018-2023)
9.6.2.2 Forecast Trend (2024-2032)
9.6.3 Asia Pacific
9.6.3.1 Historical Trend (2018-2023)
9.6.3.2 Forecast Trend (2024-2032)
9.6.4 Latin America
9.6.4.1 Historical Trend (2018-2023)
9.6.4.2 Forecast Trend (2024-2032)
9.6.5 Middle East and Africa
9.6.5.1 Historical Trend (2018-2023)
9.6.5.2 Forecast Trend (2024-2032)
10 North America LED Panel Light Market Analysis
10.1 United States of America
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Canada
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Europe LED Panel Light Market Analysis
11.1 United Kingdom
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Germany
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 France
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Italy
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Asia Pacific LED Panel Light Market Analysis
12.1 China
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Japan
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 India
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 ASEAN
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Australia
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Latin America LED Panel Light Market Analysis
13.1 Brazil
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Argentina
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Mexico
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Middle East and Africa LED Panel Light Market Analysis
14.1 Saudi Arabia
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 United Arab Emirates
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Nigeria
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 South Africa
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Signify N.V.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 OPPLE Lighting Co., Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Acuity Brands, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Zhejiang Yankon Group Co. Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Panasonic Holdings Corp.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Lumiron Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Osleder Lighting Technology Co., Ltd.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Cree Lighting USA LLC
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Eaton Corporation PLC
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Guangzhou Vorlane Optoelectronics Technology Co., Ltd.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global LED Lighting Market: Key Industry Highlights, 2018 and 2032
2. Global LED Panel Light Market: Key Industry Highlights, 2018 and 2032
3. Global LED Panel Light Historical Market: Breakup by Type (USD Million), 2018-2023
4. Global LED Panel Light Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Global LED Panel Light Historical Market: Breakup by Application (USD Million), 2018-2023
6. Global LED Panel Light Market Forecast: Breakup by Application (USD Million), 2024-2032
7. Global LED Panel Light Historical Market: Breakup by Region (USD Million), 2018-2023
8. Global LED Panel Light Market Forecast: Breakup by Region (USD Million), 2024-2032
9. North America LED Panel Light Historical Market: Breakup by Country (USD Million), 2018-2023
10. North America LED Panel Light Market Forecast: Breakup by Country (USD Million), 2024-2032
11. Europe LED Panel Light Historical Market: Breakup by Country (USD Million), 2018-2023
12. Europe LED Panel Light Market Forecast: Breakup by Country (USD Million), 2024-2032
13. Asia Pacific LED Panel Light Historical Market: Breakup by Country (USD Million), 2018-2023
14. Asia Pacific LED Panel Light Market Forecast: Breakup by Country (USD Million), 2024-2032
15. Latin America LED Panel Light Historical Market: Breakup by Country (USD Million), 2018-2023
16. Latin America LED Panel Light Market Forecast: Breakup by Country (USD Million), 2024-2032
17. Middle East and Africa LED Panel Light Historical Market: Breakup by Country (USD Million), 2018-2023
18. Middle East and Africa LED Panel Light Market Forecast: Breakup by Country (USD Million), 2024-2032
19. Global LED Panel 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 Signify N.V., OPPLE Lighting Co., Ltd., Acuity Brands, Inc., Zhejiang Yankon Group Co. Ltd., Panasonic Holdings Corp., Lumiron Inc., Osleder Lighting Technology Co., Ltd., Cree Lighting USA LLC, Eaton Corporation PLC, Guangzhou Vorlane Optoelectronics Technology Co., Ltd., Others, 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 Signify N.V., OPPLE Lighting Co., Ltd., Acuity Brands, Inc., Zhejiang Yankon Group Co. Ltd., Panasonic Holdings Corp., Lumiron Inc., Osleder Lighting Technology Co., Ltd., Cree Lighting USA LLC, Eaton Corporation PLC, Guangzhou Vorlane Optoelectronics Technology Co., Ltd., Others, 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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