Global LED Panels and Downlights Market Report: Global Industry Trends, Market Share, Market Size, Growth, Opportunity and Forecast 2023-2030

The global LED panels and downlights market is expected to reach US$ 61.7 billion by 2030, with an annual growth rate of more than 13.6%.

According to RationalStat's recent market analysis, the Global LED Panels and Downlights Market value is estimated at US$ 25.3 billion in 2023 and is expected to rise at a strong CAGR of over 13.6% over the forecast period of 2023-2030.

Market Definition, Market Scope, and Report Overview

LED panels are flat, thin lighting fixtures that use light-emitting diodes (LEDs) to provide even and efficient illumination. These panels are commonly used in commercial, residential, and industrial settings for general lighting purposes. LED panels are known for their slim profile, energy efficiency, and the ability to produce uniform and glare-free light. They come in various sizes, including standard sizes that can replace traditional fluorescent troffer fixtures in drop ceilings.

LED panels and downlights are highly energy-efficient, consuming less electricity compared to traditional lighting technologies. As energy costs rise and environmental concerns grow, the demand for energy-efficient lighting solutions has increased globally.

According to a deep-dive market assessment by RationalStat, the global LED Panels and Downlights market has been analyzed on the basis of market segments, including type, technology, application, distribution channel and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.

• Market intelligence for the global LED Panels and Downlights market covers market sizes on the basis of market value (US$/EUR Million), volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

• In addition, the long-term sector and products/services 10-year outlook and its implications on the global LED Panels and Downlights market. It also includes the industry's current state - Production levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global LED Panels and Downlights Market: Segmental and Market Share
Analysis

• On the basis of application, retrofit segment is anticipated to dominate the market. This can be attributed to the increasing preference of these masses toward retrofitting of existing lighting fixtures with LED Lights.

Report Synopsis
Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 25.3 billion
Market Size Forecast US$ 61.7 billion
Growth Rate 13.6%
Dominant Segment Retrofit
Dominant Region Asia Pacific

Key Market Drivers
• Rising Disposable Incomes
• Increasing Acceptance of Technology
• Rising Awareness about the Benefits of LED Lights

Companies Profiled
• Philips
• Opple Lighting
• Samsung Electronics
• Xiamen Yankon Energetic Lighting Co.
• Panasonic Corporation
• LG Inc
• Innotek
• Nichia Corporation
• ELCO Lighting
• Nora Lighting
• DMF Lighting
• JESCO Lighting Group LLC

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Competition Analysis and Market Structure

Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players.

• In September 2023, Sony Electronics launched four new Crystal LED screens under the brand VERONA, designed specifically for virtual production applications. Each new panel benefits from technological breakthroughs made over several years and guided by filmmakers.

Some of the prominent players and suppliers operating and contributing significantly to the global LED panels and downlights market growth include Philips, Opple Lighting, Samsung Electronics, Xiamen Yankon Energetic Lighting Co., Panasonic Corporation, LG Inc, Innotek, Nichia Corporation, ELCO Lighting, Nora Lighting, DMF Lighting, and JESCO Lighting Group LLC, among others.

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RationalStat has segmented the global LED panels and downlights market based on type, technology, application, distribution channel and region
• Global LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Type
o LED Panels
 Edge-lit LED Panels
 Back-Lit LED Panels
o LED Downlights
 Recessed Downlights
 Surface-mounted Downlights
 Suspended Downlights
 Adjustable Downlights
• Global LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Technology
o Traditional
o Smart
 App-Controlled
 Voice-controlled
• Global LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Application
o Residential
o Commercial
o Industrial
o Outdoor Spaces
o Retrofit
• Global LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Distribution Channel
o Online Retailers
o Direct Sales
o Offline Retailers
• Global LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Region
o North America LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
 US
 Canada
o Latin America LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
 Brazil
 Mexico
 Rest of Latin America
o Western Europe LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
 Russia
 Poland
 Hungary
 Other CIS Countries
 Rest of Eastern Europe
o Asia Pacific LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
 China
 Japan
 India
 South Korea
 Australia
 ASEAN
• Indonesia
• Thailand
• Philippines
• Vietnam
• Malaysia
• Rest of ASEAN
 Rest of Asia Pacific
o Middle East & Africa LED Panels and Downlights Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
 GCC
• Saudi Arabia (KSA)
• United Arab Emirates (UAE)
• Rest of the GCC
 South Africa
 Nigeria
 Turkey
 Rest of the Middle East & Africa

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Key Questions Answered in the LED Panels and Downlights Report:
• What will be the market value of the global LED Panels and Downlights market by 2030?
• What is the market size of the global LED Panels and Downlights market?
• What are the market drivers of the global LED Panels and Downlights market?
• What are the key trends in the global LED Panels and Downlights market?
• Which is the leading region in the global LED Panels and Downlights market?
• What are the major companies operating in the global LED Panels and Downlights market?
• What are the market shares by key segments in the global LED Panels and
Downlights market?

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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts' viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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RationalStat LLC
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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