Longer Survival Periods Of These Devices and Its Ability To Spread Light Evenly Towards The Entire Area
Modular light panels have longer survival periods and they can last for an average of 50,000 hours. Modular light panels also possess the capacity to spread light over a larger surface area uniformly ensuring same levels of brightness, which attracts the attention of the user. The capability to keep the costs low, while at the same time ensuring adequate cooling environment. The fact that these modular light panels provide a favourable environment for shoppers as well as display messages intended to reach the consumer while also providing enough illumination to the products is driving the demand for these products in the market over the forecast period.
Light-Weight & User-Friendly Nature Of The Product Driving The Demand For The Product & Ability To Lower Brightness To Suit The Needs Of The User
These modular light panels are user-friendly and comparatively lighter to hold for any user. The brightness levels can also be adjusted according to the user’s requirements. This facility is raising the demand for these modular light panels over the forecast period, thereby contributing to the growth of the market.
Growing Urban Working Population with High Disposable Incomes And Their Preferences To Own Luxury Products Which Can Be Controlled With The Help Of Smart Devices
The increasing preferences of the young urban population towards owning luxury products that can be operated through smartphones and other smart devices which can offer the benefit of enabling the users to control the light panel from their apps in the smartphones or other smart devices.
Modular light panels are highly expensive with the presence of unorganized small market players who can supply low quality modular light panels at low prices, the demand for modular light panels among the consumers may decline which could temporarily take a toll on the growth prospects of the market, thereby restraining the growth of the market over the forecast period.
The modular light panels market is anticipated to grow at a modest CAGR over the forecast period, owing to the reduction in costs for manufacturers as they can offer customized solutions. Apart from that, these products are durable and of high quality and the manufacturer can maintain optimum stock inventory levels, as the stocks may not necessarily have to remain for a long time as unsold inventory. The market is segmented by design into diffused, printed and etched, by shape into square, round and rectangle, by panel width into 300 mm, 450 mm and 600 mm, by application into domestic and commercial and by distribution channel into online and offline. The commercial segment forming part of application is estimated to hold the leading market share, owing to the presence of several retail supermarkets and shopping malls that attract a wide range of consumers, as it is displayed in various attractive colours for attracting the consumers towards these light panels. The online segment is anticipated to witness significant growth owing to the growing number of individuals, especially the young adults who are showing more interest towards transacting online, as they obtain the facility of home delivery free of cost once they place the order and many other benefits.
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Our-in depth analysis of the modular light panels market includes the following segments:
By Panel Width
By Distribution Channel
On the basis of regional analysis, the modular light panels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific is anticipated to occupy the leading market share, owing to the rapidly growing number of users of LED lighting that is anticipated to boost the demand, thereby contributing to the growth of the modular light panels market over the forecast period.
The modular light panels market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.