April 4, 2020
Light Engine image

Light Engine Market is Supposed to Touch US$ 49.68 Billion Mark by 2027

The overall market for light engines worldwide is expected to reach a market value of US$ 49.68 billion by 2027 and is set to grow by 12.9 per cent CAGR during the forecast period.

Market Insights

Advances in technology have led to the improvement and development of energy-efficient systems and technologies such as light engines used in industrial, residential, commercial and other applications, which are considered to be key factors driving the growth of the market. Companies are developing new products to increase their market reach for the light engine market. In addition, in December 2017, Cree Inc. launched the XLamp XD16 LED, which provides a lumen density five and a half times higher than the standard solutions offered by the company.

Based on the type of product, the market for light engines has been segmented as a lamp and a luminaire. The luminaire segment is the dominant segment with a market share of more than 60.0 per cent in 2018 and is anticipated to gain market share during the forecast period. This is due to increasing consumer awareness of the need to install high-energy lighting systems and energy efficiency are some of the factors driving the market. In addition, these products are available in a variety of shapes, such as round, square, linear and rectangular, and are used depending on their application.

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In addition, the increase in the use of flexible light engines in commercial and residential areas will also lead to an expansion of the market in the coming years. In addition, the extensive use of round or linear light engines in areas such as industrial, commercial and residential are also fueling the overall market demand. In addition, the horticulture and automotive industries are using rigid light engines. LEDs are also used globally in street lights, which are beneficial to the market for light engines.

Regionally, North America is expected to account for a significant market share of the light engine market during the forecast period. This is due to the presence of a number of well-established organizations in the region. Additionally, the region is witnessing an increase in the rate of light engine adoption due to consistent technological advancement, along with a number of initiatives by governments in several countries.

The report profiles well-established players, including OSRAM Licht Group, Fulham Co., Inc., Thomas Research Products, Fusion Optix, Inc., Tridonic, MaxLite, Inc., General Electric Company, Philips Lighting Holdings B.V., RS Components Pty Ltd. and Cree Inc., who are at the forefront of innovations in the light engine market. For example, in December 2017, Cree Inc. launched XLamp XD16, an extreme density LED that delivers five and a half times high lumen density compared to its previous LED solutions, which is expected to have a positive impact on its light engine offerings.

In addition, in June 2017, the Osram Licht Group obtained LED Engin, a provider of LED optics, emitters and light engines, to improve its current range of light engines. In addition, Tridonic discussed plans to develop industry standards for’ IoT-ready’ light fixtures in May 2017, including DesignLights Consortium, a lighting solutions company, and Enlighted, an IoT solutions company. This initiative is anticipated to have a significant impact on the expansion of its LED-based solutions, which can have a major impact on the expansion of its light engine offerings.

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