According to the latest report by IMARC Group, the global LED downlight market size reached US$ 21.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 35.7 Billion by 2027, exhibiting a growth rate (CAGR) of 8.94% during 2022-2027.
A light-emitting diode (LED) downlight is generally installed in the ceiling to provide illumination in a specific space, especially in commercial and residential areas. It is a recessed light fixture, which contains a hollow opening that emits light in the downward direction with a narrow beam. Apart from this, it is also utilized for task and accent lightings that help enhance the aesthetic appearance of a place. Along with this, it has a relatively longer lifespan while being energy-efficient in nature with little to no maintenance.
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Global LED Downlight Market Trends:
The global market is primarily driven by the increasing investments by public and private firms for infrastructural development projects. Along with this, the rising awareness regarding sustainable development among the masses has led to the widespread adoption of LED downlights as they are eco-friendly and offer the same illumination output as traditional bulbs. Also, the rising popularity of LED retrofitting for excellent lumen power and better service life at less wattage is positively influencing the market growth.
Furthermore, the widespread utilization of outdoor illumination systems due to their capacity to withstand harsh conditions, such as rough weather, vibrations and external shocks, is creating a positive outlook for the market further. Some of the other factors contributing to the market include the introduction of compact-sized LED downlights, a continual rise in the electricity costs across the globe and the numerous favorable initiatives undertaken by the governments of various countries to promote the uptake of LED lights.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global LED downlight market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application.
Breakup by Application:
- Retail & Hospitality
Retrofit represents the largest application segment of the LED lighting market. This can be attributed to the increasing preference of the masses toward retrofitting of existing lighting fixtures with LED lights.
- The United States
China holds the leading position in the LED lighting market. The Government of China has taken severe steps to develop and implement energy-saving and eco-friendly lighting technologies which has bolstered the market growth in this region.
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The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.
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