Global Panel Mount Indicator Lamp Market Size, Share, and COVID-19 Impact Analysis, By Type (Single Color LED, Multicolor LED), By Shape (Circular, Rectangular), By Application (Consumer Electronics, Healthcare, Oil & Gas, Construction, Communications, Automotive, Industrial & Others), By Distribution Channel (Offline, Online) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

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%. Panel mount indicator lamp are used in a variety of applications, including construction, healthcare, and automobiles. Panel mount indicator lamps are replacing the ceiling and flooring lamps. Panel mount indicator lamp are mostly used for display assessment, such as flicker, white point adjustment, reaction time gamma, and colour analysis, among other things. The optical lenses are built in such a way that given stable measurement data, the alignment of the measuring spot may be adjusted. The market is expected to develop due to rising demand for high-end microscopy systems in various applications and technical improvements in microscopes. Single color LED and Multicolor LED lights are the two most common types of panel mount indicator lamp. Furthermore, the increased focus on fibre optical lenses is expected to provide the market with lucrative potential possibilities. The global market for LED lighting is projected to be dominated by this technology.

COVID-19 ANALYSIS

The outbreak of COVID-19 pandemic has impacted severely on the global panel mount indicator lamp market. Several countries have begun to recover and have partially adjusted to pandemic constraints. Vaccine research and development has made significant progress, and many governments have issued various policies to stimulate economic recovery. This is likely to provide a significant boost to economic activity, particularly in the United States, but the prospects for long-term growth vary greatly between countries and sectors. Despite the fact that the world economy is recovering from the massive downturn caused by COVID-19, it will continue to lag behind pre-pandemic levels for some time. The pandemic has heightened the dangers of the decade-long global debt accumulation surge. It's also likely to exacerbate the long-anticipated decrease in potential growth over the following ten years. According to World Bank data, global GDP will have decreased by around 3.5 percent in 2020 as a result of the COVID-19 epidemic.

LATEST TREND

Emergence of Modern High Contrast Accent Lighting in Supermarkets

Emergence of modern high contrast lighting in supermarkets are likely to propel the growth of the global panel mount indicator lamp market. Nowadays, the retail and consumer electronics outlet are mainly focusing on merchandising to increase the customer base. Proper lighting gives immense satisfaction and clarity about the products. Combining different lightings gives visual interest to the space and in turn creates an attractive, inviting and exiting environment.

DRIVING FACTORS

Increasing Demand in Automotive Industry

The increasing demand of panel mount indicator lamp are increasing due to the rising number of automobiles. According to the survey by IBISWorld, the sales of automobile sector has increased by 5.3% from last year to USD 3.8 trillion market size. The growing demand of electric vehicles in developing countries and growth in exports are some of the positive factors for the automobile industry.

Surging Demand for LED Lamps in Smart Lighting

The LED lamps are being majorly used for the consumer electronics and healthcare purposes. The increasing usage of LED lighting systems can reduce upto five times less consumption of electrical energy. LEDs use little energy to produce a lot of light, which is why they're so popular in both outdoor and indoor situations. LEDs give designers more creative freedom, as well as the capacity to withstand frequent switching. Rising consumer awareness of the benefits of LED lights, as well as a shift towards green lighting, are projected to drive demand for LED goods. The emergence of smart lighting and increasing smart home in developing countries are likely to fuel the growth of the global panel mount indicator lamp market.

RESTRAINTS

High Up-front Costs and Temperature Sensitivity of Lamp Lens

Concerns pertaining to the high up-front costs is likely to impede the growth of the global panel mount indicator lamp market. The LEDs are expensive as compared to other light sources. The lighting quality of diodes is greatly influenced by the ambient operating temperature. At high temperatures, the characteristics of the electricity passing through the semiconductor elements change, which can cause the LED module to burn out. This problem only affects areas and surfaces that are subjected to extremely rapid temperature increases or extremely high temperatures.

SEGMENTATION

The global panel mount indicator lamp market is segmented by Type (Single Color LED, Multicolor LED), By Shape (Circular, Rectangular), By Application (Consumer Electronics, Healthcare, Oil & Gas, Construction, Communications, Automotive, Industrial & Others), By Distribution Channel (Offline & Online) and Region. Based on the type, the market is categorized into single color LED, multicolor LED. Based on shape, the market is categorized into circular, rectangular. Based on application, the market is categorized into consumer electronics, healthcare, oil & gas, construction, communications, automotive, industrial & others. Based on distribution channel, the market is categorized into offline, online. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

By Type

Based on type, is categorized into single color LED, multicolor LED. 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. Similarly, the government's efforts to raise LED knowledge among customers in order to reduce/manage energy consumption are likely to aid the target market's growth.

By Application

Based on application, the market is categorized into consumer electronics, healthcare, oil & gas, construction, communications, automotive, industrial & others. 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. Furthermore, workplace lights must comply with government norms and regulations, which is a major reason why demand for high-brightness LED lights is increasing.

By Distribution Channel

Based on distribution channel, the market is categorized into offline, online. 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. For example, in June 2019, Reliance Industries announced the opening of 100 new Reliance Digital outlets across India.

REGIONAL INSIGHTS

The global panel mount indicator lamp market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. 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.

INDUSTRY PLAYERS

• Dialight
• Schneider Electric
• Visual Communications Company, LLC
• Bulgin Limited
• Kingbright Company, LLC
• R. STAHL AG
• Arrow Electronics, Inc.
• Oxley Group
• Bivar
• Lumex Inc.
• RS Components Ltd.
• PHOENIX CONTACT
• Amphenol
• Banner Engineering Corp.
• Littelfuse, Inc
• CML Technologies
• OMRON Corporation
• EAO AG
• RAFI
• APEM
• NKK SWITCHES

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.

SEGMENTATION

By Type

• Single Color LED
• Multicolor LED

By Shape

• Circular
• Rectangular

By Application

• Consumer Electronics
• Healthcare
• Oil & Gas
• Construction
• Communications
• Automotive
• Industrial
• Others

By Distribution Channel

• Offline
• Online

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy
• Asia-Pacific- China, Japan, India
• Latin America- Brazil, Argentina, Colombia
• The Middle East and Africa- United Arab Emirates, Saudi Arabia