According to the latest report by IMARC Group, the global LED downlight market size reached US$ 20.6 Billion in 2020. Looking forward, the market expects to grow at a CAGR of 9.2% during (2021-2026).
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.
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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
Performance of Key Regions
4. United States
2. OSRAM LICHT AG NA O.N. (OSR.DE)
3. Samsung Electronics Co Ltd (SSNLF)
4. Everlight Electronics
5. LG Innotek (011070.KS)
The report has also analyzed the competitive landscape of the market, along with the detailed profiles of the key players operating in the industry.
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