The global light engine market is estimated to garner a large amount of revenue and grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for energy-efficient lighting systems, and reduction in the price of LED lights around the world. Along with these, the world is witnessing a rapid surge of urbanization and development of infrastructure, which is assessed to lead to the rise in implementation of lighting systems based on IoT. This is turn is expected to propel the curve of market growth upwards in the near future. According to the United Nations Conference on Trade and Development (UNCTAD), in 2009 51.1 percent of the total world population lived in urban areas, which increased up to 55.7 percent by the end of 2019. In developing Asia and Oceania, the urbanization rate rose up from 42.3 in 2009 to 49.1 per cent that same year. Furthermore, increasing penetration of LED light sources in general lighting, and robust growth of LED technology over conventional ones are projected to offer abundant growth opportunities to the market in the forthcoming years.
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The market is segmented by end user into residential, industrial and commercial, out of which, the commercial segment is anticipated to hold the largest share in the global light engine market. This can be accounted to the high demand for light engine from this sector owing to the growing development of commercial spaces and complexes all around the world. Additionally, on the basis of product type, the luminaries segment is evaluated to acquire the most significant share by the end of 2030, which can be credited to the rising consumer awareness associated with energy conservation and installing with high energy efficiency. Apart from these, escalating development of LED light with different forms such as round, linear, and square and rectangle is also predicted to boost the growth of the market segment in the future.
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) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global light engine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is estimated to gather the largest share and witness noteworthy growth over the forecast period on the back of the increasing construction activities, and growing government initiatives to promote energy-efficiency lighting in the region. In addition, rapid rise in population, and surging adoption of LED lights are also assessed to accelerate the region’s market growth in the coming years. According to the World Bank, the population of South Asia was 1.857 billion in 2020, up from 1.836 billion and 1.814 billion in 2019 and 2018 respectively.
Moreover, the market in North America is also expected to occupy a notable market share during the forecast period owing to the consisting advancements in technology, and presence of well-established organizations in the region.
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The global light engine market is further classified on the basis of region as follows:
Our in-depth analysis of the global light engine market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for energy-efficient lighting systems and 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 – 2030.
High availability of alternative technologies is estimated to hamper the market growth.
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 company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, installation type, end user, and by region.
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.
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