LED Panel Light Market Expected to Grow at 16.4% CAGR through 2032

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.

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.

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.

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:

• In August 2023, Signify opened its LED lighting manufacturing site in Jiujiang, Jiangxi Province, China. The factory of Signify's joint venture company Zhejiang Klite Lighting Holdings Co., Ltd ("Klite") manufactures high-quality branded LED lighting products, including for the Philips brand, for China and the global market.
• In April 2023, Nichia completed its contract of implementing Dynasolis and NF2W585AR-P8 lighting at the Tokushima Taisho Bank Sako Branch with the goal of circadian lighting and disinfection lighting, respectively. The disinfection LED, NF2W585AR-P8, is a dual-function LED that provides both white light and high doses of energy geared for inactivation of various prevalent bacteria. The LED is integrated in Otsuka Corporation's fixtures, which are installed above the ATM booths in the Sako branch.