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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.*
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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 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.
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