Reducing Prices of LED Has Increased the Demand for Light Engine Market

Globally, the light engine market is expected to grow with a CAGR of 12.9% during the forecast period from 2023 to 2030 and had been estimated to register a market value of US$ 63.31 Bn by 2030. Rising urbanization has led to technological advancement which is offering new technologies and products to the consumers and industries. Light engine are similar to the LEDs mounted on a board. The light engine drives the LEDs by managing thermals, providing protection, and regulating power. There are various benefit of light engine such as reduction in cost as these engines are connected directly to the main power by eliminating the external power supply.

Moreover, due to their direct connectivity the design of these engines is more flexible.  Addiitonally, the reduction in cost of the semiconductor equipments plays a vital role in the growth of the market globally. Also, increasing adoption of flexible light engines in residential and commercial area is also prominently expanding the market in coming years. However, limited awareness regarding the installation costs, and rapid development of alternative technologies are likely to hinder the growth of this market during the forecast period.

Light Engine with Indoor Lightining in its End-User Applications Segment Continue Dominating the Market

In the year 2021, the overall light engine market was dominated by the indoor lightining segment in its industry size segment accounting for more than 55.0% of the market revenue and is expected to grow with a significant CAGR during the forecast period. The rising in urbanization and development in the infrastructure globally are considered as the major factors driving the market globally. The rise in population and increasing need for homes and apartments is also fuelling the growth of the market.

Asia-Pacific Dominates the Market by Region

The global light engine market was led Asia-Pacific with a market share than of more 30.0% in the year 2020. The rising adoption of energy efficient technology and development in the infrastructure in the region is expected to drive the market globally. Moreover, based on countries the region has been segmented as China, Japan, India and rest of Asia-Pacific. The China accounts the largest share in the region due to increasing investments made by the government and private sector for the development of infrastructure and adoting power saving technologies.

Some of the prominent players operating in the light engine are OSRAM Licht Group, Philips Lighting Holdings B.V., Fulham Co., Inc., MaxLite, Inc., Tridonic, General Electric Company, Fusion Optix, Inc., Thomas Research Products, Cree Inc., and RS Components Pty Ltd.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Light Engine market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Light Engine market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Light Engine market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Light Engine market?
• Which is the largest regional market for Light Engine market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Light Engine market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Light Engine market worldwide?