Light Engine Market Size & Share, by Product Type (Lamps, Luminaires); Installation Type (New Installation, Retrofit Installation); End-user (Residential, Industrial, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3648
  • Published Date: Aug 07, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Light Engine Market size is estimated to reach USD 488.3 Billion by the end of 2035, witnessing around 14% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of light engine was USD 88.9 Billion. The growth of the market can be attributed to the several government mandates enforced on energy conservation and LED adoption. Thus, people are opting for LED lighting due to the regulations enforced by the government related to energy conservation. As per the India Brand Equity Foundation, the Indian government distributed LED bulbs at a price of USD 0.12 in rural areas to households.

The residential sector is expected to grow revenue by the end of the estimated time frame, owing to increased industrialization and the number of smart cities initiatives around the world. As a result, the rising adoption of LED lighting in residential buildings is a driving reason behind the strong customer demand.


Light Engine Market
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Light Engine Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Energy-Efficient Lighting Systems- The increasing use of energy-efficient lighting in the vehicle business players has upped their attempts in recent years to create consciousness about energy efficiency.
  • Reduction in the Price of LED Lights Around the World- According to the latest Energy.Gov data, lighting constitutes around 15% of a typical home's electrical consumption, and utilizing LED lighting lowers the average household approximately USD $225 in energy bills per year globally.
  • Rising Urbanization Globally- Growing urbanization has culminated in technological innovation, which provides cutting-edge technology and goods to consumers and enterprises. LEDs mounted on a board are analogous to light engines. Between 2010 and 2021, the pace of urbanization in the United States accelerated by around 20%.
  • Increasing Adoption of Advanced Technologies- The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial intelligence (AI), amongst other things, has considerably boosted the economy during the previous two decades. As of April 2021, there had been over 4.5 billion active internet users worldwide.

Challenges

  • ·High Availability of Alternative Technologies
  • ·High Cost of the Light Engine

Since the previous few years, light-emitting diode devices have grown in popularity. The initial cost of one of the units of these type of diode system, however, is substantially higher than the present CFL lighting system.

  • Lack of Awareness Related to the Installation Costs

Light Engine Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~14%

Base Year Market Size (2022)

~ USD 88.9 Billion

Forecast Year Market Size (2035)

~ USD 488.3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Light Engine Segmentation

End User (Residential, Industrial, Commercial)

The commercial end-use sector held the largest revenue share of more than 48%. The desire for advanced lighting among event, museum, and exhibition operators to enhance lighting solutions is one of the primary factors behind the swift development of the commercial construction industry worldwide. The requirement for high-luminance light engine lights is increasing primarily due to the need for office lighting to comply with government rules and standards, which is driving market growth.

Product Type (Lamps, Luminaires)

The luminaires segment accounted for 54% share of the global light engine market in 2022 and is expected to maintain its dominance in the worldwide industry. Light engine lights are all luminaires utilized in track illumination, high bays, troffers, and lighting on roads. The setting up of additional track lights and light posts as a result of the growing creation of projects related to the development of the country.

Our in-depth analysis of the global market includes the following segments:

          Product Type

  • Lamps
  • Luminaires

         

         Installation Type

 

  • New Installation
  • Retrofit Installation

          End User

  • Residential
  • Industrial
  • Commercial

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Light Engine Industry- Regional Synopsis

APAC Market Statistics

The light engine market in the Asia Pacific is estimated to gather the largest gain of 32 % over the forecast period. The rapid rise in population and surging adoption of light engine lights are also assessed to accelerate the region’s market growth in the coming years. According to the most current data, Asia spans 29.4% of the surface of the earth and has an estimated population of over 4.75 billion people (as of 2022), making up roughly 60% of the global population. As of 2022, the total population of China and India was expected to exceed 2.8 billion people.

European Market Analysis

Europe is projected to account for the market's second-largest revenue share in the year 2035. The expansion of this field can be attributed to the IT industry's thriving construction sector, which is benefiting from increasing investments and new infrastructure development efforts. The construction industry is vital to the European Union's economy. The sector employs 18 million people directly and accounts for around 9% of the EU's GDP. Moreover, the architectural consultancy is expected to be driven throughout the projection period by the eventual resumption of the construction of multiple data center structures that had been briefly halted owing to the COVID-19 pandemic. Furthermore, Germany is expected to have the highest CAGR during the estimated time frame owing to the country's huge production units of smart home devices.

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Light Engine Market Size
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Companies Dominating the Light Engine Market

top-features-companies
    • General Electric Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Acuity Brands, Inc.
    • OSRAM GmbH
    • Samsung Electronics Co., Ltd.
    • Signify Holding
    • Zumtobel Lighting GmbH
    • Glamox Limited
    • Hubbell Incorporated
    • Ideal Industries Inc.
    • Lutron Electronics Co., Inc.

In the News

  • June 2021- Acuity Brands, Inc. agreed to acquire the North American operations of ams Osram’s digital systems business, which includes manufacture of LED drivers, LED light engines, and components for internet connectivity.

 

  • June 2022- DEDO lights, a manufacturer of LED lighting and solutions, and its partner firm Prolycht announced the new RGBLAC LED lighting system. This LED produces a spot light beam with a 6:1 variation.

Author Credits:  Abhishek Verma


  • Report ID: 3648
  • Published Date: Aug 07, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the market growth are the growing demand for energy-efficient lighting systems and the reduction in the price of LED lights around the world.

The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 ââ‚Ãâ€Å

Asia Pacific will provide more business opportunities for market growth owing to the increasing construction activities, and growing government initiatives to promote energy-efficiency lighting in the region.

The major players in the market are General Electric Company, Acuity Brands, Inc., OSRAM GmbH, Samsung Electronics Co., Ltd., Signify Holding, and others.

The luminaries segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
Light Engine Market Report Scope
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