LED Panel Light Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3887
LED Panel Light Market size is projected to gain momentum from 2019 to 2025 owing to features such as energy saving and cost effectiveness. Energy consumption of these devices is comparatively less than the standard lighting system, which is driving its adoption in different application segments such as residential and commercial buildings, propelling the LED panel light market growth. Businesses are moving toward these solutions for reducing the overall operational expenses including electricity and power costs. The manufacturers in the market are targeting the requirements of industries, organizations, and household customers to provide effective solution technology that will benefit them by consuming less power.
High-intensity lighting offered by these solutions is also a major factor driving the LED panel light market growth. The long operational lifecycle of this product helps businesses and residential customers to save their additional replacement and maintenance costs. Manufacturers in the LED light panel market are developing innovative technologies with increased lifespan of devices to cater to the growing demand of the customers. The high-intensity lighting feature of these devices is providing an additional benefit to the manufacturers over other technology developers available in the market. The development of flat LED panel with edge lighting has made it possible for thin-sized panels of flexible width and length to deliver uniform light output.
Low maintenance and increased efficiency of these technologies are accelerating the LED panel light market growth. These solutions offer high performance and less maintenance costs owing to longer lifespan and energy-efficiency feature. Flexible LED panels are witnessing high adoption due to greater flexibility in designing lighting scene and arrangements as per customer requirements and specifications. The manufacturers in the market are focused on developing more advanced technological products, which will offer their customers augmented features and high-performance measures.
Increase in technological advancements and innovations in the LED panel light market has made it difficult for the industries to make long-term plans. Rapid inventions, high availability, and development of substitutes in the market are the major restraining factord in the industry. It becomes difficult for businesses to continuously upgrade their lighting solutions as it incurs high investment. These companies require one-time investment solutions, which will offer them better performance and longer lifespan. This will also provide them benefit in cost reduction and implementing cost-effective technologies, thereby augmenting the market growth.
The environment-friendly lighting source and energy consumption of these solutions are the major factors driving the opportunities in the LED panel light market. The implementation of various governmental regulation and policies for the use of environment-friendly products and reduction of power consumption in the industries is increasing the demand for these lights in the market. The National Action Plan for Energy Efficiency adopted by the U.S. is a strategic approach to improve energy efficiency in the region. This regulation is led by a group of leading state agencies, energy service providers, energy consumers, leading gas & electric utilities, and energy efficiency organizations.
Edge lit panel is the most widely adopted technology in the LED panel light market. In this technology, light transmits from a LED array to the central area through light guides. Integration of this technology in flat LED panel has made it possible for these thin panels having flexible length and width to deliver uniform lighting condition. Edge lit panels do not control UGR effectively, resulting in the development of glare which is extremely serious for large rooms. The major advantage of this technology is its compact nature. The versatility in sizing of these panels enhance flexibility and their use in connection with a wide range of applications.
Application of these light panels in the commercial sector is growing the industry share and coverage in the LED panel light market. These panels are majorly employed for office lighting environment. The demand for high-intensity lighting to perform business processes effortlessly and comfortably is providing great opportunities to manufacturers in the market to provide innovative offerings based on business specifications and requirements. The advanced feature of flexibility of these panels is providing an exceptional advantage to commercial offices to design lighting based on their requirements and needs.
The North America LED panel light market is growing rapidly owing to rapid technological advancements and high availability of local manufacturers in the region. Countries including Canada, Mexico, and the U.S. consist of major players of the market who are catering to the demand and requirements of customers in North America. Rise in export of these solutions to other countries is also a major factor responsible for the growth and increase in industry size of the market.
The key players in the LED panel light market are Opple, OSRAM, Philips, Panasonic Corporation, Xiamen Yankon Energetic Lighting Co., Ltd., Nichia Corporation, Samsung Electronics, LG Inc. Innotek, and Eerlight Electronics. These players are competing in the market by adopting several strategies, such as product differentiation, market segmentation, market penetration, and product positioning, to give tough competition to other players.
LED Panel Light Market, By Type
LED Panel Light Market, By Application
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
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