Light Engine Market By Product Type (Lamp, Luminaire), By Installation Type (New Installation, Retrofit Installation), By End-Use Application (Indoor Lighting, Outdoor Lighting) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

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 2019 to 2027 and has been estimated to register a market value of US$ 49.68 Bn by 2027. Rising urbanization has led to technological advancement, offering new technologies and products to consumers and industries. Light engines are similar to LEDs mounted on a board. The light engine drives the LEDs by managing thermals, providing protection, and regulating power. In addition, the light engine has various benefits, such as a 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. Additionally, the reduction in the cost of semiconductor equipments plays a vital role in the global growth of the global market. Increasing adoption of flexible light engines in residential and commercial areas is also prominently expanding the market in coming years. However, limited awareness regarding the installation costs and rapid development of alternative technologies will likely hinder this market's growth during the forecast period.

Market Synopsis

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

In 2018, the indoor lightning segment dominated the overall light engine market in its industry size segment, accounting for more than 55.0% of the market revenue. It is expected to grow with a significant CAGR during the forecast period. The rising in urbanization and development in the infrastructure globally are considered the major factors driving the market globally. In addition, 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 led Asia-Pacific with a market share of more than 30.0% in the year 2018. 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 the rest of Asia-Pacific. However, China accounts for the largest share in the region due to increasing investments made by the government and private sector for the development of infrastructure and adoption power saving technologies.

Some 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 R.S. Components Pty Ltd.

Historical & Forecast Period 

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The light engine market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global light engine market based on product type, installation type, end-use application, and geography.

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