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Report Overview
The global LED panel light market size was around USD 25.18 Billion in 2024. The market is further projected to grow at a CAGR of 14.00% over the forecast period of 2025-2034 to attain a value of USD 93.35 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Compound Annual Growth Rate
Value in USD Billion
14%
2025-2034
LED Panel Light Market Outlook
*this image is indicative*
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.
Market Breakup by Type:
- Embedded
- Suspended
Market Breakup by Application:
- Commercial/Industrial
- Residential
Market Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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.
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USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
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:
- 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
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.
LED Panel Light Market Report Snapshots
*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.*
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Key Questions Answered in the Report
The global LED panel light market reached a value of USD 25.18 Billion in 2024.
The market is projected to grow at a CAGR of nearly 14.00% in the forecast period of 2025-2034.
The market is estimated to reach a value of about USD 93.35 Billion by 2034.
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.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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