A luminaire with enhanced thermal dissipation characteristics is disclosed. The luminaire may comprise a housing having a first external housing segment and a second external housing segment, the first and second external housing segments being spaced apart to provide an annular opening between the segments. A light source may be positioned at least partially within the first external housing segment, and a heat exchanger may be positioned at least partially within the second external housing segment. The luminaire described herein provides a light source with enhanced thermal dissipation features in an aesthetically pleasing package.