Light Engine Market to Witness Significant Growth Owing to the Rising Demand for High-Performance By 2030
Light Engine Market Is Expected To Register a Robust CAGR Of ~14%
The global light engine market is estimated to occupy a large amount of revenue by recording a CAGR of ~14% during the forecast period, i.e., 2022–2030, owing to the increasing demand for energy-efficient lighting systems across the globe, and decline in the cost of LED lights. Apart from these, growing urbanization and infrastructural development, and rising implementation of IoT based lighting systems globally are also expected to drive market growth in the forthcoming years.
The market is segmented by product type, installation type, and end user. Based on product type, the luminaries segment is anticipated to grab the largest market share during the forecast period on the back of surging consumer awareness associated with energy conservation and high energy efficiency. Additionally, by end user, the commercial segment is projected to gather the largest share over the forecast period ascribing to the fact that the escalating development of commercial complexes and spaces, fueling the demand for LED light engines in the sector.
Geographically, the global light engine market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period attributing to consistent technological advancements and presence of prominent market players in the region. Moreover, Asia Pacific is predicted to register noteworthy market growth by the end of 2030 in view of the growing construction activities and rapidly rising population in the region.
The World Bank depicts that the population of South Asia grew up to 1.857 billion in 2020, which was calculated to be 1.836 billion and 1.814 billion in the years 2019 and 2018 respectively.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Hike in Demand for Energy-Efficient Lighting Systems Worldwide to Boost Market Growth
Over the last few years, consumers are shifting their focus from conventional lights towards LED light engines owing to the high energy efficiency of the latter. In addition, governments of several developed and developing nations are investing heavily to deploy sustainable means of development. These are the major factors assessed to drive the growth of the market in the near future.
However, availability of alternative technologies is expected to operate as key restraint to the growth of the global light engine market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global light engine market which includes company profiling of General Electric Company, 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., and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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
On the whole, the report depicts detailed overview of the global light engine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.