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LED Panel Light Market Expected to Reach $90.1 Billion, Globally, By 2032 at 16.4% CAGR: Allied Market Research


The LED panel light market is driven by factors such as a rise in demand for energy-efficient lighting, cost-effective and long-lasting lighting solutions, and increase in demand for smart lighting and control systems.

WILMINGTON, Del., Nov. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "LED Panel Light Market By Type, Sales Channel, Voltage, and Application: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global LED panel light market was valued at $20.1 billion in 2022 and is estimated to reach $90.1 billion by 2032, exhibiting a CAGR of 16.36% from 2023 to 2032.

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Prime Determinants of Growth

The LED panel light market is expected to witness notable growth owing to a rise in demand for energy-efficient lighting, cost-effective and long-lasting lighting solutions, and an increase in demand for smart lighting and control systems. Moreover, rapid urbanization and infrastructure development, integration of IOT and surge in demand for human centric light are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, complex installation limits the growth of the LED panel light market.

Report Coverage and Details:

Report Coverage

Details

Forecast Period

2022?2032

Base Year

2022

Market Size in 2022

$20.1 billion

Market Size in 2032

$90.1 billion

CAGR

16.4 %

No. of Pages in Report

314

Segments covered

Type, Sales Channel, Voltage, Application, and Region

Drivers

Rise in demand for energy-efficient lighting

Cost-effectiveness and long-lasting lighting solutions

Increase in demand for smart lighting and control system

Opportunities

Rapid urbanization and infrastructure development

Integration of IoT

Restraints

Complex Installation

The Recessed LED segment to maintain its leadership status throughout the forecast period

Based on type, the Recessed LED segment held the highest market share in 2022, accounting for more than half of the global LED panel light industry revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increase in environmental concerns and energy cost savings. Recessed LED lights are commonly used for architectural and aesthetic purposes to create attractive visual lighting. Moreover, Recessed LED is projected to manifest the highest CAGR of 16.75% from 2023 to 2032.

The Offline segment to maintain its leadership status throughout the forecast period

Based on sales channel, the offline segment held the highest market share in 2022, accounting for more than half of the global LED panel light market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to instant access and valuable expert guidance. However, the online sales channel is projected to manifest the highest CAGR of 16.92% from 2023 to 2032.

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The More than 20V segment to maintain its leadership status throughout the forecast period

Based on Voltage, the more than 20V segment held the highest market share in 2022, accounting for more than half of the global LED panel light market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to connectivity features to facilitate enhanced control, automation, and the management of energy usage within commercial and industrial settings.

The Commercial/Industrial segment to maintain its leadership status throughout the forecast period

Based on application, the Commercial/Industrial segment held the highest market share in 2022, accounting for nearly three-fifths of the global LED panel light market revenue and is estimated to maintain its leadership status throughout the forecast period.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global LED panel light market revenue owing to an increase in adoption of efficient energy product which are fueling the growth of the market in this region.

Key Industry Developments:

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Leading Market Players:

The report provides a detailed analysis of these key players of the global LED panel light market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research


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