Farmington, May 13, 2023 (GLOBE NEWSWIRE) -- The Global Panel Mount Indicator Lamp Market size was valued at USD 710.4 million in 2022 and is projected to reach USD 1202.47 million by 2030, growing at a CAGR of 6.80% from 2023 to 2030. 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.
Request Sample Copy of Report “ Panel Mount Indicator Lamp Market Size, Share & Trends Estimation Reports By Type Outlook (Based LED, Based Incandescent, Based Neon, Single Color LED Light, Multicolor LED Light), By Application Outlook (Online Sale, Offline Sale, Electronics, Medical, Automotive, Industrial), By Region and Forecasts, 2023-2030.”, published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
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.
Application Outlook:
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.
Regional Analysis:
Asia-Pacific is likely to be the biggest market in the world. During the time frame of the forecast, the region is also projected to grow the most. The rise of the area is being driven by the growing demand for LED indicators. Over the next few years, Europe is likely to make a lot of progress. Also, North America is likely to have a big part of the market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 6.8% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 1202.47 Million |
| By Type |
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| By Application |
|
| By Industries |
|
| By Companies |
|
| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
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 Contrive Datum Insights, 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.
Key Segments Covered:
Top Market Players:
- Visual Communications Company
- Schneider Electric
- JKL Components
- RAFI
- Shin Chin
- Dialight
- Others.
By Type
- Based LED
- Based Incandescent
- Based Neon
- Single Color LED Light
- Multicolor LED Light
By Application
- Online Sale
- Offline Sale
- Electronics
- Medical
- Automotive
- Industrial
By Industries
- Government
- Healthcare
- Retail
- Manufacturing
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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