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LED Panel Light Market Size is projected to account for considerable growth from 2021 to 2027. This can be ascribed to the product’s rising usability in residential and commercial/industrial spaces owing to their significant benefits over the conventional fluorescent ceiling lights. Besides, due to a superior design for light emitting on sides and heat dissipation, LED panel lights boast the ability to disperse heat quickly, enabling them to extend their life span.
The product boasts various positive features, including increased energy efficiency, cost-effectiveness, less maintenance, longer lifespan, and the ability to produce uniform light output. This would potentially accelerate the business graph of LED panel light market over the coming years.
In addition, LED panel lights are considered as a green alternative to conventional light fixtures as they are produced from non-hazardous materials like high-grade extruded steel and aluminum. In lieu of such advantages, governments of various economies are also promoting the use of LED panel lights to encourage environmental protection and conserve energy. For instance, the U.S Department of Energy had claimed that switching outdoor and indoor products from traditional light sources to LEDs would result in a 75% reduction in energy use, inducing savings of nearly $630 billion, from 2015 to 2035.
Increasing concerns regarding climate change, aligned with the rising acceptance of technology is leading to an increased demand for LED panel lights. As these products consume a negligible amount of electricity, they are emerging as a popular choice among consumers. Furthermore, stringent government legislations pertaining to the use of environmentally friendly and sustainable products are offering lucrative growth opportunities to LED panel light market.
LED panels are generally being used in the commercial space as these are one of the most versatile and common lighting options used in the settings. LED panel lights are used in hotel lobbies where there is an innate need for bright illuminance; in offices where lighting is used to illuminate the space, in restaurants, hospitals, and retail stores, for various applications. Various commercial buildings have been using flat panels or recessed troffers. Meanwhile, due to their thin design, flat LED panels are being used between multiple housing materials, including plastic and aluminum.
North America and Asia Pacific would emerge as potential hubs for the global LED panel light market in the coming years. The growth in North America market would come from the rapid technological developments and high feasibility of local producers in the region. Moreover, the surge in export of LED panel lighting solutions to other countries would further bolster the market progression.
On the other hand, APAC market would record substantial growth in the coming years, with rising product demand from China. The growing number of hotels, malls, and other commercial spaces in the country would escalate the demand for LED lights.
Some of the prominent companies operating in the global market include Philips, Opple Lighting, Samsung Electronics (Samsung Group), Xiamen Yankon Energetic Lighting Co., Panasonic Corporation, LG Inc. Innotek, and Nichia Corporation, amongst others.
These vendors are competing in the global industry by adopting various strategies like product launches, acquisitions, collaborations, and partnerships, to stand a level apart in the overall market.
The demand for market would observe constant growth during the coronavirus pandemic outbreak. Deployment of these panels in hospitals would increase considerably attributed to the growing patient admissions. However, the declining sales of LED panels across retail and hospitality sectors challenged the growth curve during 2020.
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