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Light Engine Market Segmentation by Product Type (Lamps, and Luminaires); by Installation Type (New Installation, and Retrofit Installation); and by End User (Residential, Industrial, and Commercial) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Light Engine Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • June 2021- Acuity Brands 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.

  • March 2021- The joint venture Osram Continental came together to bring LED technology to every automotive headlamp.

Global Light Engine Market Highlights 2022 – 2030

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.       

Light Engine Market Graph

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. CLICK TO DOWNLOAD SAMPLE REPORT   

Major Macro-Economic Indicators Impacting the Market Growth

Research and Development Expenditure image

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.

Global Light Engine Market Regional Synopsis

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.

Population of South Asia imageMoreover, 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.

Light Engine Market Share Graph

The global light engine market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Product Type

  • Lamps
  • Luminaires

By Installation Type

  • New Installation
  • Retrofit Installation

By End User

  • Residential
  • Industrial
  • Commercial

Growth Drivers

  • Growing Demand for Energy-Efficient Lighting Systems
  • Reduction in the Price of LED Lights Around the World

Challenges

  • High Availability of Alternative Technologies

Top Featured Companies Dominating the Market

  • 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.

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