LED Panel Market Forecasts, Business Opportunities and Future Scope Till 2028
The growing adoption for low power consumption bulbs is creating high demand for LED panels and significantly contributing to the growth of the global LED Panel Market during the forecast period. Manufacturers are continuously focusing on manufacturing effective and fashionable LED panels.
[USPRwire, Thu Jul 25 2019] The most common types of LED panels available in the market are inefficient LED panels, Integral LED panel value+, Integral LED Panel performance+ and others. Integral LED panels use the latest technology and deliver high light output with increased efficiency. Integral LED panels consume lesser power to produce comparable light output. They are also up to 44% more cost effective as compared to any other panel. Thus, high cost saving, effective energy saving and environmental friendliness are among major factors creating high demand for integral LED panels, which is positively impacting the growth of the global LED Panel Market.
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The growing adoption for low power consumption bulbs is creating high demand for LED panels and significantly contributing to the growth of the global LED panel market during the forecast period. Manufacturers are continuously focusing on manufacturing effective and fashionable LED panels. Ultra-slim panels are gaining momentum in the market due to features such as energy efficiency, low cost and long life.
The efficiency of LED panels is determined by the lumens divided by power. Lumens are the measure of total light output. Higher the lumens, higher the light output. Higher the ratio of lumens per watt, higher the efficiency of the LED panel. The color temperature denotes how the light from LED panels will look and is represented in Kelvin (K). The most common LED panel is the cool white LED panel. Cool white LED panels are of 4000-5000K and are used in schools, offices, retails, commercial areas and others. Warm white LED panels are another type of LED panels that are of 2700-3000K. They are mostly used in hospitals and nursing centers. Integral LED panels are provided with a non-dimmable LED driver. A separate dimmable driver and controller are required to control the dimming. LED panels are also used during emergencies. Several developments in LED panels with reference to technology, the steady growth of the market as well as recent developments & innovations are among factors expected to drive the global LED panel market during the forecast period.
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One of the major drivers of the global LED panel market is government regulations for the installation of LED panels in offices, commercial buildings, hospitals and other places. LED panels are also used as emergency lights. In case of power failure, LED panels provide light for at least three hours. Some of the other factors creating demand for LED panels and significantly contributing to market growth are shock resistance, high durability, ultra-thin, low carbon emissions, energy saving, low maintenance and easy installation, among others.
One of the major challenges for LED panels is that they project a full range of strong & striking light from the front and the light output is abundant. However, vendors are continuously focused on improving the above-mentioned challenge and are expected to overcome it by the end of the forecast period.
Some of the key players of the LED panel market are Havells India Ltd.; Philips Lighting; Hubbell; Innovative Lighting; Cree, Inc.; Baja Designs; Deco Lighting, Inc.; Grote; LSI Industries Inc. and OSRAM GmbH.
Europe and North America are expected to hold the major market share of the LED panel market during the forecast period. High adoption of LED panels in hospitals and the commercial sector is creating high demand in these regions. APEJ is expected to project the highest growth in the LED panel market during the forecast period. Upcoming government initiatives to adopt LED panels in developing countries, such as China and India, are expected to contribute significantly to the growth of the global LED panel market during the forecast period.
The report is a compilation of first-hand information, qualitative & quantitative assessment by industry analysts, as well as inputs from industry experts & industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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