• Stacy Lawlor

Global Panel Mount Indicator Lamp Market Size to grow by US$ 480.1 Mn in 2030

The global panel mount indicator lamp market was valued at USD 306.8 Mn in 2021. The market is projected to grow USD 480.1 Mn in 2030, at a CAGR of 6.5%.

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Rising demand for energy-efficient and long-lasting lighting solutions is likely to fuel the growth of the global panel mount indicator lamp market. Furthermore, the increased use of modern lighting systems to enhance home décor is likely to generate new market opportunities in the coming years. Additionally, driving product demand is the growing popularity of smart homes, particularly in developing economies such as China and India. Climate change has emerged as one of the world's most pressing challenges in recent years. This has raised energy saving awareness, which will have a favourable effect on product demand. LED table lamps are extremely energy-efficient, consuming 80% less energy than incandescent lamps. The rapid popularity of LEDs is being driven by consumer awareness of the environment and the durability of these lights, as well as government mandates for energy efficiency. For instance, the Chennai Airport purchased six sets of LED base lights for disaster assistance as part of its green measures to make its lighting and fixtures more energy efficient.

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The single color LED segment is expected to dominate the market share of global panel mount indicator lamp market owing to LED lighting are becoming more widely used in the consumer electronics. LED bulbs come in a variety of styles and offer advantages such as higher energy efficiency and stability when compared to alternative lighting options such as incandescent and compact multicolor LED lamps. The consumer electronics is expected to dominate the market share of global panel mount indicator lamp market owing to the increasing adoption of smart home requiring different contrast lighting sources are expanding rapidly around the world along with the demand for improved lighting applications is projected to drive market expansion. The offline segment is expected to dominate the market share of global panel mount indicator lamp market. Major retailers such as Wal-Mart Stores, Inc. and IKEA are expanding their distribution networks around the world. Ikea, for example, opened its first shop in India in August 2019. In order to obtain a competitive advantage, big retail chains such as Reliance Digital and Croma are investing in the opening of new outlets.


Europe region is expected to dominate the market share of global panel mount indicator lamp market owing to government's regulations regarding energy efficiency programmes. The minimum efficiency criterion for general service lighting was established at 91 lm/W as of September 20, 2021, as per EU legislation. Similarly, the European Union began utilising an A (efficient) to G (inefficient) scale in 2017, with the goal of assisting customers in making better-informed purchasing decisions when it comes to purchasing energy-efficient electronic items. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global panel mount indicator lamp market due to urbanization and supporting government policies, an expanding number of healthcare establishments in developing economies such as China, India, and Bangladesh is likely to offer several growth prospects.

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KEY INDUSTRY DEVELOPMENTS:


July 2018- Dialight expanded their product line by launching new 655 Series half-inch snap-in panel mount indicators, offering high-bright for electrical/machine panels, status indication, dashboards, medical application and maintenance with warning indication.


January 2020- Visual Communications Company launched CD Series which caters to applications in machines, status indication, automation, controls, and aircraft instruments.


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