Research Nester has released its report titled “Modular Light Panels Market: Global Demand Analysis & Opportunity Outlook 2024-2027” that delivers detailed overview of the global modular light panels market in terms of market segmentation by design, by shape, by panel widths, by application, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The modular light panels market comprises of five segments which are segmented by design into diffused, printed & etched, by shape into square, round & rectangle, by panel widths into 300 mm, 450 mm & 600 mm, by application into domestic and commercial and by distribution channel into online & offline. The market is anticipated to grow at a moderate CAGR over the forecast period, owing to the manufacturers offering customized solutions, thereby leading to reduction in overall costs.
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The manufacturers will not have to maintain bigger stock piles, as these products will be tailor made to suit the requirements of the consumers accordingly which will help keep the unsold inventory at minimal levels.
The growth of the market is driven by several factors such as the ability of these modular light panels to withstand longer life span, while also possessing the capacity to light up a larger area uniformly with the same levels of brightness which attracts the consumer towards the product.
Moreover, they are light weight and user-friendly that is attracting the consumer towards these panels and the emergence of a huge working population with high disposable incomes that are technically skilled who are favoring the use of these light panels that can be connected by an app in their smartphones is driving the growth of the market over the forecast period. .
The global modular light panels market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in Asia Pacific is anticipated to register significant growth, owing to increasing urbanization of the population and huge number of LED light users in the region, who are preferring to own LED lights rather than the traditional fluorescent bulbs.
However, modular light panels market may face some barriers such as the huge presence of unorganized market players who will offer low quality light panels at cheaper prices and the high prices of these products that are not within the reach of the majority of general population that may temporarily limit the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global modular light panels market which includes company profiling of key companies such as:
Green LED Lighting Solutions, Inc., Nanoleaf, Litemax Electronics, Inc., PhotonLab, Tryka L.E.D. Ltd., ArchilumO BV, Daktronics, Inc., SpiffyGear, Westcott, Lifi Labs, Inc. and Ikea Systems B.V.
The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global modular light panels market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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