Rapid Adoption of LED Panel Lights in Offices and Homes Spurs 11.1% CAGR in Global Market by 2028

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Sep 08, 2023, 20:30 ET

DUBLIN, Sept. 8, 2023 /PRNewswire/ -- The "LED Panel Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global LED panel light market reached a size of US$ 22.1 billion in 2022 and is projected to grow to US$ 41.1 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 11.1% during the period of 2023-2028.

LED panel lights are highly efficient and cost-effective lighting fixtures known for their energy efficiency, long lifespan, uniform light output, and low maintenance requirements.

They are gradually replacing traditional fluorescent ceiling lights and are considered an excellent indoor lighting solution. LED panel lights come in various shapes, sizes, and designs suitable for a wide range of applications, including offices, hotels, showrooms, hospitals, and educational institutes.

Key Advantages of LED Panel Lights:

Energy Efficiency: LED panel lights are known for their energy efficiency and are considered an environmentally friendly lighting option.
Long Lifespan: They have a long operational life, reducing the need for frequent replacements.
Heat Dissipation: LED panel lights are designed for efficient heat dissipation, which extends their lifespan.
Instant Start: Unlike fluorescent lights, LED panel lights start instantly without any restrike delays.
Easy Installation: They are easy to install, making them suitable for retrofitting existing fixtures.
Advanced Features: LED panel lights offer advanced features like dimmability, remote plug-and-play drivers, emergency options, and compatibility with building controls and sensors.
Environmentally Friendly: LED panel lights are constructed with non-hazardous materials, making them a green alternative to traditional lighting fixtures.

Market Segmentation: The LED panel light market is segmented based on application:

Retrofit: Retrofitting existing lighting fixtures with LED lights is the largest application segment.
Retail & Hospitality: LED panel lights are widely used in retail and hospitality settings.
Outdoor: They are also utilized for outdoor lighting applications.
Offices: Offices extensively use LED panel lights for their efficiency and uniform lighting.
Architectural: In architectural applications, LED panel lights offer design flexibility.
Residential: LED panel lights are gaining popularity in residential settings.
Industrial: The industrial sector uses LED panel lights for their efficiency and durability.

Regional Insights:

China: China dominates the global LED lighting market, driven by the construction of malls, hotels, and commercial complexes.
India: India is another growing market for LED panel lights, with increasing adoption in various applications.
Europe: Europe has a significant presence in the market due to the widespread adoption of LED lighting.
United States: The United States is a prominent market for LED panel lights, particularly in commercial and residential applications.
Japan: Japan also contributes to the market's growth, with demand for advanced lighting solutions.

Companies Mentioned

Myriant Corporation
Santa Cruz Biotechnology
Merck
Deinove
Amyris
Sigma-Aldrich Corporation
Dynacare
Thermo Fisher Scientific
Zhongxing Flavors & Fragrance
TCI
Alfa Aesar
Toronto Research Chemicals

Key Attributes:

Report Attribute	Details
No. of Pages	137
Forecast Period	2022 - 2028
Estimated Market Value (USD) in 2022	$22.1 Billion
Forecasted Market Value (USD) by 2028	$41.1 Billion
Compound Annual Growth Rate	10.9 %
Regions Covered	Global

For more information about this report visit https://www.researchandmarkets.com/r/av1wba

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