Panel Mount Indicator Lamp Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The Global Panel Mount Indicator Lamp Market Size Is Estimated At USD 710.4 Million In 2022, Growing At A CAGR Of 6.8% During 2021-2027 To Reach USD 928.4 Million By 2030.
Panel Mount Indicator Lamp Market Overview:
The LED Panel Mount Indicator is an indicator supplied with LED lights for a variety of applications. An example of this is a board-mounted (LED) lamp that emits monochromatic light. These types of indicators can be mounted directly to PCB or metal enclosures as well as light strips to indicate power status, warnings, etc.
Panel Mount Indicator Lamp Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Panel Mount Indicator Lamp Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Major Market Segments Covered in Panel Mount Indicator Lamp Market Industry Research:
Market Key Players:
Visual Communications Company, Schneider Electric, JKL Components, RAFI, Shin Chin, Dialight, And Others.
- Based LED
- Based Incandescent
- Based Neon
- Single Color LED Light
- Multicolor LED Light
- Online Sale
- Offline Sale
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
The panel mount indicator lights market is expected to witness substantial growth over the forecast period. The demand for panel mount lights is growing as factors such as high energy efficiency and cost-effectiveness are expected to drive market growth. Panel mount lights are rapidly replacing fluorescent ceiling lights and LED lights. Furthermore, these lamps come in different sizes, designs and shapes. Unlike fluorescent lighting fixtures, LED panel mount indicators feature no reflashing delay and are instantly actuated, and can be easily installed in quick retrofits. However, the COVID-19 pandemic has severely hampered the lamp lens market with supply chain disruptions.
Additionally, due to the advanced features of these lights, including disabling, remote plug-and-play drivers, they are quickly gaining favor in highly controlled environments. In addition, governments of various countries also encourage the use of panel lights to save energy and promote environmental protection. Moreover, with the development of LED technology, manufacturers are launching LED panel products in new colors, which further boosts the market growth.
Asia Pacific is expected to dominate the global market. The region is also expected to grow at the fastest CAGR during the forecast period. Rising demand for LED indicators is driving regional growth. Europe is expected to advance at a significant pace over the forecast period. Furthermore, North America is expected to hold a large market share.
The panel mount indicator light market is segmented into type and application. Based on type, the monochrome LED lights segment is expected to dominate the market. By application, the electronics segment is expected to grow at the highest CAGR during the forecast period.
The panel mount indicator light market is highly competitive in nature with a handful of international players dominating the global market. Key players in the market are involved in strategic activities such as mergers and acquisitions, new product launches, etc. to strengthen their positions in the market.
Panel Mount Indicator Lamp Market report scope:
Key Takeaways from this Panel Mount Indicator Lamp Market Report
- Estimate Panel Mount Indicator Lamp Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Panel Mount Indicator Lamp Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor's performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
What is the CAGR of Panel Mount Indicator Lamp Market?
The Panel Mount Indicator Lamp Market is growing at a CAGR of 6.8% During the Forecast Period.
What are the key types of Panel Mount Indicator Lamp Market?
Based LED, Based Incandescent, Based Neon,Single Color LED Light, Multicolor LED Light.
What are the key applications of Panel Mount Indicator Lamp Market?
Online Sale, Offline Sale,Electronicsm, Medical, Automotive, Industrial
Who are the key players in Panel Mount Indicator Lamp Market?
Visual Communications Company, Schneider Electric, JKL Components, RAFI, Shin Chin, Dialight, And others.