Global LED Light Engine Market: Snapshot
LED lamps are used for residential, commercial, or industrial purposes. There is a substantial growth in the LED market due to the increasing consumer demand. Other factors include durability, flexibility and power saving aspects. The lighting system has proved to be effective than the conventional products. Hence, the demand for LED light engines has increased. Based on these aspects, the LED light engine market is expected to observe steady growth during the forecast period of 2018-2028.
The conventional lighting systems with fluorescent bulbs and tubes consume a lot of electricity. LED light engines provide maximum output through minimum electricity consumption. As a result, there is notable increase in the product adoption. This factor plays an important role in the growth of LED light engine market. The LED light engine is an assembly made up of one or more arrays along with various electrical components. This lighting technology offers efficient and long lasting products. It reduces electricity consumption on a large scale. LED light engine does not require AC or DC transformer. Product types of LED light engine like lamps and luminaries are used for indoor and outdoor lighting.
Rapid urbanization has led to an increase in the consumption of efficient lighting products. Due to the emergence of smart cities and the booming population numbers, the demand for electricity has increased greatly. These factors will present new opportunities for growth of the LED light engine market. Furthermore, increase in awareness about efficient energy usage is expected to have a positive impact on the growth of the LED light engine market.
The government bodies are taking initiatives to encourage the use of energy efficient lighting systems. This factor has been the major reason for rise in LED light engine market. The LED light engine market is attracting investments from key stakeholders due to the increasing popularity of the product. In addition, R&D activities coupled with strategic collaborations add new growth dimensions to the LED light engine market.
Global LED Light Engine Market: Overview
The demand within the global LED light engine market has been expanding on account of advancements in the field of energy-efficient lighting systems. The presence of a growth-oriented energy sector has played a vital role in popularising LEDs, and this is a key dynamic of growth within the global LED light engine market. Several improvements in the domain of electronics and semiconductors have come to the fore in recent times. These advancements have directly influenced the growth of the global LED light engine market. New technologies for mounting LED chips on light engines have emerged over the past decade. This factor has led to increase in the volume of annual manufacturing of light engines. The total amount of revenues that would be generated within the LED light engine market could surpass all previous marks. Light engines are considered to be LED lamps that come in handy for a range of applications.
The LED light engine market is projected to attract voluminous investments from key stakeholders and venture capitalists. This is because LED-based systems are in great popularity across the world, and this shall be a strong driver of demand for the masses. Henceforth, it is safe to predict that the global LED light engine market is plush with opportunities for growth. Furthermore, regional governments have also directed funds towards the generation of an energy-efficient lighting sector. This factor shall also play a quintessentially vital role in the growth of the global LED light engine market.
The global LED light engine market can be segmented on the basis of the following parameters: product type, installation type, end-use application, and region. The forces operating in the LED light engine can be duly understood by delving into the aforementioned segments.
Global LED Light Engine Market: Notable Developments
The global LED light engine market has traced the following key developments in recent times:
Osconiq S3030 LED launched by OSRAM was manufactured with the intent to provide high-quality and durable lighting systems. The introduction of this LED light engine helped the OSRAM in achieving their annual sales goals for the launch year
GreenPower LEDs were introduced by Philips Lighting, commonly known as Signify, in the year 2018. The new addition to the company’s product portfolio helped them in expanding their consumer base to new regions.
Some of the most prominent competitors operating in the competitive landscape of global LED light engine market include –
Global LED Light Engine Market: Growth Drivers
The global energy flux has led to several transformations across a multitude of industries. This factor has also shifted the radar of focus on the lighting sector, and several researchers have come up with energy-efficient lighting models. LED lighting systems have been proved as the most efficient of systems, and this factor has played a key role in market growth.
The use of fluorescent bulbs and tubes has run out of practice due to their high-electricity consumption. This factor has played a vital role in the growth of the global LED light engine market.
Global LED Light Engine Market: Regional Outlook
On the basis of geography, the global LED light engine market has been segmented into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. The LED light engine market in North America is expanding on account of complete overhauling within the energy sector.
The global LED light engine market is segmented on the basis of:
By Product Type
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