Global Market Insights adds global LED Panel Light Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.
High-intensity lighting offered by these solutions is also a major factor driving the LED panel light market growth. The long operational lifecycle of this product helps businesses and residential customers to save their additional replacement and maintenance costs. Manufacturers in the LED light panel market are developing innovative technologies with increased lifespan of devices to cater to the growing demand of the customers. The high-intensity lighting feature of these devices is providing an additional benefit to the manufacturers over other technology developers available in the market. The development of flat LED panel with edge lighting has made it possible for thin-sized panels of flexible width and length to deliver uniform light output.
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Increase in technological advancements and innovations in the LED panel light market has made it difficult for the industries to make long-term plans. Rapid inventions, high availability, and development of substitutes in the market are the major restraining factor in the industry. It becomes difficult for businesses to continuously upgrade their lighting solutions as it incurs high investment. These companies require one-time investment solutions, which will offer them better performance and longer lifespan. This will also provide them benefit in cost reduction and implementing cost-effective technologies, thereby augmenting the LED Panel Light Market growth.
Edge lit panel is the most widely adopted technology in the LED panel light market. In this technology, light transmits from a LED array to the central area through light guides. Integration of this technology in flat LED panel has made it possible for these thin panels having flexible length and width to deliver uniform lighting condition. Edge lit panels do not control UGR effectively, resulting in the development of glare which is extremely serious for large rooms. The major advantage of this technology is its compact nature. The versatility in sizing of these panels enhance flexibility and their use in connection with a wide range of applications.
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The North America LED panel light market is growing rapidly owing to rapid technological advancements and high availability of local manufacturers in the region. Countries including Canada, Mexico, and the U.S. consist of major players of the market who are catering to the demand and requirements of customers in North America. Rise in export of these solutions to other countries is also a major factor responsible for the growth and increase in industry size of the market.
The key players in the LED panel light market are Opple, OSRAM, Philips, Panasonic Corporation, Xiamen Yankon Energetic Lighting Co., Ltd., Nichia Corporation, Samsung Electronics, LG Inc. Innotek, and Eerlight Electronics. These players are competing in the market by adopting several strategies, such as product differentiation, market segmentation, market penetration, and product positioning, to give tough competition to other players.