LED Panel Light Market Outlook, Top Manufacturers, Business Strategies and Forecast 2022-2027

According to IMARC Group latest report titled "LED Panel Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on LED panel light market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global LED panel light market reached a value of US$ 19.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 37.5 Billion by 2027, exhibiting a CAGR of 11.64% during 2022-2027.

LED panel light represents a type of lighting fixture that is highly cost-effective and energy-efficient, long-lasting, gives uniform light output, requires less maintenance, etc. It is replacing conventional fluorescent ceiling lights and is considered one of the best lighting alternatives for indoor settings. In line with this, LED panel light exhibits an excellent structural design for heat dissipation and light-emitting on the sides. Consequently, it can disperse heat quickly, which helps to extend its life span. LED panel light is commonly available in several sizes, shapes, and designs that are suitable for hotels and restaurants, showrooms and malls, offices and conference rooms, hospitals and laboratories, educational institutes, etc.

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Market Trends:

The widespread adoption of this device in a highly controlled environment, owing to its advanced features, including remote plug-and-play drivers, maintained three hours emergency options, dimmability, compatibility with building controls, motion sensors and timers, etc., is primarily driving the LED panel light market. Additionally, it has no-restrike delays and can start instantly and easily installed in fast retrofitting situations, which is further catalyzing the market growth. Besides this, the launch of favorable policies by government bodies to promote the use of LED panel lights to conserve energy and promote environmental protection is acting as another significant growth-inducing factor. Moreover, the introduction of variants with non-hazardous materials, including high-grade aluminum and steel, is positively influencing the global market. Apart from this, they are also utilized in commercial complexes that are non-toxic in nature and offer reduced carbon emissions, which is anticipated to fuel the LED panel light market over the forecasted period.

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

• Nichia
• Osram
• Samsung Electronics
• Everlight Electronics
• LG Innotek

LED Panel Light Market Segmentation:

Our report has categorized the market based on region and application.

Breakup by Application:
• Retrofit
• Retail & Hospitality
• Outdoor
• Offices
• Architectural
• Residential
• Industrial

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.