Light Engine Market – Global Industry Analysis and Forecast (2023-2029)

Light Engine Market size was valued at US$ 23.97 Bn. in 2022 and the total revenue is expected to grow at 12.9% through 2023 to 2029, Light Engine market is reaching nearly US$ 56.06 Bn. by 2029.
Light Engine Market Overview:
Light engine technology is focused to creating high-quality architectural lighting products that meet severe specifications. The light engine resembles the LEDs that are installed on the board. It can be used for thermal management, protection, and power regulation. In the report, the revenue impact of the COVID-19 pandemic on market leaders, market followers, and disrupters was examined, and the same is reflected in our analysis. The LED equivalent of a traditional lamp is a light engine. It usually comprises of an LED chip attached on a circuit board with electrical and mechanical connections, ready to be installed in a luminaire. The light engine may not be made up of just one chip; it could be made up of an array of nine or sixteen, with or without a phosphor covering.To know about the Research Methodology :- Request Free Sample Report
Light Engine Market Dynamics:
Rising urbanization has resulted in technical innovation, which is providing consumers and businesses with new technology and products. LEDs put on a board are similar to light engines. The light engine manages thermals, provides protection, and regulates power to the LEDs. Light engines provide a number of advantages, including cost savings because they are connected directly to the main power source, removing the need for an extra power supply.

The design of these engines is more versatile due to their direct communication. The decrease in the cost of semiconductor equipment is critical to the global market's growth. In addition, rising usage of flexible light engines in residential and commercial areas is expected to drive the market forward in the forecast years. The market's growth would be hampered by a lack of understanding about installation costs and the rapid development of alternative technologies.

On the strength of increasing consumer demand in an urbanized world, light engines, which are regarded the equivalent of LED in conventional lighting, have come a long way. The widespread adoption of LED in both commercial and residential applications is a major driver of demand in the light engine market. The ongoing attention on LED light engines and modules has been substantially fuelled by developing environmental and energy requirements throughout the years. Consumers are becoming more aware of the need to conserve energy and cut costs when using electricity. The use of light engines has increased as a result of this.

The growing trend of energy-efficient lighting usage in the automobile industry is thus an attractive offer for light engine manufacturers. The increased use of light engine architecture in street lighting is due to the fact that urbanization is a key trend influencing market demand dynamics. In recent years, governments and industry actors have increased their efforts to raise awareness about energy efficiency.

Global Light Engine Market Segment Analysis: the Light Engine market is segmented into Form and Application.

Based on Application, the market is sub-segmented into Residential, Commercial, Industrial and others. The residential lighting segment in its industry size segment dominated the total light engine market in 2022, accounting for more than 55.0 % of market revenue, and is predicted to increase at a substantial CAGR throughout the forecast period. Globally, increased urbanisation and infrastructural development are regarded to be the primary factors driving the market. The market is also being fuelled by the growing population and increased demand for homes and apartments.
Light Engine Market Regional Insights:
Asia-Pacific dominated the worldwide light engine market in 2022, with a market share of more than 30.0 %. The market is likely to be driven by increased use of energy efficient technology and infrastructure development in the region. The region has been divided into China, Japan, India, and the rest of Asia-Pacific. China has the greatest stake in the region as a result of increased government and private sector investments in infrastructure development and the adoption of energy-saving technologies. APAC has a very huge population with a standard of living that is improving every day, and there is a growing growth of smart homes. The economies of the APAC region are also introducing rules for energy efficiency and LED lighting.

The objective of the report is to present a comprehensive analysis of the global Light Engine market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Light Engine market dynamics, structure by analyzing the market segments and project the global Light Engine market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Light Engine market make the report investor’s guide.
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Light Engine Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 23.97 Bn.


Forecast Period 2023 to 2029 CAGR:
12.9%
Market Size in 2029:
US $ 56.06 Bn.


 Segments Covered:
by Form
Flexible
Rigid


by Type
Linear Type
Round Type
Others


by Application
Residential
Commercial
Industrial
Others



Light Engine Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Light Engine Market Key Players are:
1. OSRAM Licht Group
2. Philips Lighting Holdings
3. Fulham
4. MaxLite
5. Tridonic
6. RS Components Pty Ltd.
7. General Electric
8. Fusion Optix
9. Thomas Research Products
10.Cree
11.Light Engine Limited
12.Motortech PCPlus Networks
13.Trilux lighting
14.SDA lighting
15.Helvar
Frequently Asked Questions:
1) What was the market size of Global Light Engine Market markets in 2022?
Ans - Global Light Engine Market was worth US$ 23.97 Bn in 2022.

2) What is the market segment of the Light Engine Market?
Ans -The market segments are based on Form and Application.

3) What is the forecast period considered for Global Light Engine Market?
Ans -The forecast period for Global Light Engine Market is 2023 to 2029.

4) What is the market size of Global Light Engine Market markets in 2029?
Ans – Global Light Engine is estimated as worth US$ 56.06 Bn.

5) Which region is dominated in Global Light Engine Market?
Ans -In 2022, the Asia pacific region dominated the Global Light Engine Market.