The global LED panel light market was worth US$ 15.02 Billion in 2018. According to the estimates, the market is anticipated to exceed US$ 32.28 Billion by 2024, growing at a CAGR of 13.86% during 2019-2024.
Unlike fluorescent light fixtures, LED panel lights have no-restrike delays and can start instantly and can be easily installed in fast retrofitting situations. Apart from this, these lights are rapidly gaining preference in highly controlled environments owing to their advanced features including dimmability, remote plug and play drivers, maintained three hours emergency options, compatibility with building controls, motion sensors, and timers.
They are also being considered as a green alternative to traditional light fixtures as they are constructed with non-hazardous materials such as high-grade extruded aluminum and steel which have no disposal issues. Owing to these benefits, governments of various nations are also encouraging the use of LED panel lights to conserve energy and promote environmental protection.
Moreover, with the advancements in the LED technology, manufacturers have launched LED products in new color variants, which is further contributing to their demand.
Breakup by Application
- Retail & Hospitality
- Retrofit currently represents the largest application segment, accounting for the majority of the global LED lighting market share. Retrofitting of existing lighting fixtures with LED lights has gained immense popularity in both the indoor and outdoor lighting segments.
- United States
- On the geographical front, China exhibits a clear dominance in the global LED lighting market. The increasing number of malls, hotels and other commercial complexes in the country have escalated the demand for LED lights.
The market is highly concentrated with the presence of a few small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Samsung Electronics
- Everlight Electronics
- LG Innotek