The Global LED Panels/Troffers Market generated revenue of around USD 17.28 billion in 2020 and is anticipated to grow at a CAGR of over 12.62% during the forecast period from 2021 to 2027 to reach around USD 43.03 billion in 2027.
Global LED Panels/Troffers Market, 2020 – 2027 (USD Million)
Global LED Panels/Troffers are used for ceiling lighting as an alternative to its conventional counterpart i.e. compact fluorescent lights. LED Panels/Troffers are growing in adoption across residential, commercial as well as industrial applications as an energy efficient ceiling lighting option.
market is witnessing rapid growth owing huge demand across the world. Driven by the favorable government policies and other benefits such as energy efficiency, low cost, longer work life, etc. the demand for LED Panels/Troffers will consistently increase during the spam of analysis period. LED Panels/Troffers are growing in adoption in both reading as well as decorative applications across household and commercial industries. LED Panels/Troffers are not only energy efficient but also exhibit long service life, low cost on maintenance and improved aesthetics of interior. LED Panels/Troffers exhibit life span of around 60K hours while incandescent bulb has useful life of around just 1500 hours, whereas CFL can be used up to 6K to 15K hours.
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High Level of Customizability of LED Panels/Troffers
LED Panels/Troffers are very thin and therefor can be immersed in interior easily. LED Panels/Troffers facilitates high level of customizability to be used in wide ranging applications. There flat and thin structure make them easily embedded in any structure and can be shaped to be fit in any form desired. Hence, they can be easily applied in applications wherein incandescent or CFL’s can’t be used. Moreover, LED Panels/Troffers are safe for use and there is heating related issues associated with them. By form, there are four basic types of LED Panels/Troffers including suspended, built-in, mounted and recessed. Hence, LED Panels/Troffers facilitates many options for installation for instance they can be hanged, mounted on a surface or embedded in ceiling. This make them to be suitable for use in households, suer markets, hotels, retail stores, offices, etc.
Huge Demand for LED Panels/Troffers Stems from Low Price Range (Below USD 25) Segment
LED Panels/Troffers priced below USD 25 dominate the global industry with huge share of over 70% in terms of volume and almost 55% share in terms of revenue. Most of the below USD 25 LED Panels/Troffers are used in residential, retails stores, offices and apartments. However, medium price range LED Panels/Troffers also held significant market share and expected to exhibit strong growth rate over the forecast period.
Human Centric Lights to Advance at Rapid Pace
Human centric lights is growing segment of LED Panels/Troffers and expected to increase in its adoption at rapid pace in the years to come. Human centric lights offers latest technology in lighting industry. It provides the end-users with an experience of realistic day time light. Human centric lights are expected to be very influential in body functions of human kind as it stimulates our body function according to the clock and thus improve fitness and promote wellbeing. In 2020, human centric lights held just over 5% share in global market which is expected to reach over 7% in 2027.
Key Players are Focused on Expansion and R&D
Signify, Nichia, Osram, Seoul Semiconductor, Everlight Electronics, Koninklijke Philip, Cree Incorporation, Acuity Brand Lighting, General Electric, LG Innotek, Eaton Corporation, Toyoda Gosei Co, Ltd, Zumtobel Group, Ledtronics, Herbert Waldmann Gmbh and Lumiron are some of the leading players operating in the global LED Panels industry. The global LED Panels/Troffers market is characterized by the presence of large number of manufacturers. Most of the players are focused on expansion of their market share through capacity expansion and extensive focus on R&D to develop innovative products. Large number of players are based out of Asia Pacific as the region offers huge customer base, easy availability of raw materials, cost efficient and trained human resource.
Market Segmentation
Global LED Panels/Troffers Market by Type, 2015 – 2027
- Human Centric Lighting (HCL)
- Traditional LED Panels
Global LED Panels/Troffers Market by End-user, 2015 – 2027
- Residential
- Commercial
- Industrial
Global LED Panels/Troffers Market by Price Range, 2015 – 2027
- Low (Below USD 25)
- Medium (Between USD 25 to USD 100)
- Above USD 100
Global LED Panels/Troffers Market by Company, 2015 – 2027
- Signify
- Nichia
- Osram
- Seoul Semiconductor
- Everlight Electronics
- Koninklijke Philip
- Cree Incorporation
- Acuity Brand Lighting
- General Electric
- LG Innotek
- Eaton Corporation
- Toyoda Gosei Co, Ltd
- Zumtobel Group
- Ledtronics
- Herbert Waldmann Gmbh
- Lumiron
- Others
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