The new report by Expert Market Research titled, ‘Global LED Downlight Size, Share, Growth, Analysis, Trends, Report and Forecast 2020-2025’, gives an in-depth analysis of the global LED downlight market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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Market Overview (2015-2025)
1. Historical Market Size (2019): USD 18.8 billion
2. Forecast CAGR (2020-2025): 8.6%
3. Forecast Market Size (2025): USD 30.8 billion
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The LED downlight industry is being driven by the development in LED technology and an increase in the demand for eco-friendly products. LED bulbs are extremely energy efficient and consume 90% energy as compared to traditional light bulbs. LED bulbs have a longer lifespan than a traditional lightbulb. While an incandescent light bulb lasts for 1000 hours and a CFL bulb will last for 8000 hours, LED lights can last for an average of 50000 hours. Since these lights last longer, they are also cost-effective. The rising environmental awareness about energy wastage has led to the wide adoption of LED lights. Hence, LED downlights have found usage in kitchens, living rooms, bathrooms, outdoors, and other spaces. In the coming years, rapid technological advancements are expected to drive this market in the future.
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Industry Definition and Major Segments
LED downlights are light fixtures that can be installed easily into a hollow space in the ceiling or artificial ceiling. These lighting fixtures are highly energy-efficient and eco-friendly. These can be designed and used for a large variety of applications. LED downlights emit light in a downward direction with an accurate and narrow beam. These lights have a longer lifespan than traditional lights and also emit low heat radiation. Thus, these lights have grown popular as a viable alternative to compact fluorescent and incandescent lamps.
Based on application, the LED downlight market is divided into:
2. Retail and Hospitality
Regionally, the industry is segmented into:
1. North America
2. Latin America
3. Middle East and Africa
5. Asia Pacific
With increasing environmental awareness, people shifting to LED downlights will become a noticeable trend in the future. They are recyclable and energy-efficient, which consumers are increasingly noticing while making purchase decisions. Due to its cost-effectiveness and variety, newly constructed buildings are only installing LED downlights. LED lights can be installed in office and residential spaces. They are available in a wide range of designs and colours; hence they are easy to blend in any décor theme. As companies grow eco-friendly and take steps to become carbon neutral in the future, office lighting solutions will be entirely dependant on LED downlight solutions. Advancements in technology that make LED lights get cheaper and more energy-efficient are expected to drive the market growth in the coming years.
Key Market Players
The major players in the market are ELCO Lighting, Nora Lighting, JESCO Lighting Group Inc., DMF Lighting, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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