LED Downlight - Global Market Review & Outlook (2019-2024) – IMARCGroup.com
According to the latest report by IMARC Group titled, “LED Downlight Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global LED downlight market size reached US$ 17.3 Billion in 2018. Downlights are light fixtures that are fitted in the ceiling to illuminate a space by shining light in the downward direction. Also known as pot or can lights, they can be installed into existing fixtures after mounting an LED module adapter into the socket. As compared to incandescent bulbs, LED downlights are more energy-efficient, help in reducing electricity bills, and produce less heat. Downlights are best suited for general lighting in large spaces, including art galleries, malls, retail stores, showrooms, and theatres. According to the required beam and color temperature, these lighting solutions can be produced in different colors, such as warm white, daylights, cold white, and solid light color.
Global LED Downlight Market Trends:
Over the past few years, the advent of new technologies has enabled manufacturers to introduce downlights in more compact sizes, multiple color temperatures, and with easier installation solutions. Besides this, various awards and recognitions are being presented to industry players for consistent innovations, which are acting as a motivating factor for advancements in the lighting sector. For instance, in 2019, the US-based lighting manufacturer, Apure, won an Architecture MasterPrize (AMP) for its MINUS series. It is a collection of LED downlights that are nearly imperceptible and possess the capacity to recess in less than 25mm. Moreover, to offer improved lighting quality, directional light output, and better controllability, these lighting solutions are being produced in the form of construction luminaires, with retrofit trims and kits. Attributing to these factors, the market is expected to reach a value of US$ 29 Billion by 2024, expanding at a CAGR of 8.4% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/led-down-light-manufacturing-plant
Insights on Market Segmentation:
Key Application Areas:
1. Offices and Conference Rooms
2. Residential Blocks
3. Showrooms and Malls
4. Hospitals and Laboratories
5. Hotels and Restaurants
Based on the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, residential and industrial. Currently, these lighting solutions are used for retrofit purposes.
Performance of Key Regions
4. United States
On the geographical front, China represents the largest market for LED downlights, accounting for the majority of the market share. This growth can be attributed to the large-scale subsidies offered by the Government of China for the adoption of LED light in the region. Some of the other major regions include India, Europe, the United States, Japan, Brazil, Russia and others.
3. Samsung Electronics
4. Everlight Electronics
5. LG Innotek
The report has also analyzed the competitive landscape of the market, along with the detailed profiles of the key players operating in the industry.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Tel No: +1-631-791-1145
Follow us on twitter: @imarcglobal
Post a Comment