Global LED Panel Light Market Report and Forecast 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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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:

• 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.

Key Highlights of the Report

LED Panel Light Market Report Snapshots

LED Panel Light Market Size

LED Panel Light Market Analysis

LED Panel Light Companies