New Castle, Delaware, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “LED Light Engine Market by Product Type, Installation Type, Sales Channel, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global LED light engine market was valued at $35.6 billion in 2022 and is projected to reach $115.8 billion by 2032, registering a CAGR of 12.6% from 2023 to 2032.
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An LED light engine is a small, compact, and all-in-one lighting solution that integrates multiple LED chips along with all the required circuitry and optics. It’s the engine that powers the high-quality, high-efficiency LED lights that are all over the place today. LED light engines come in various shapes and sizes, from small modules for residential lighting to larger units for commercial and industrial applications. They're designed to be easily integrated into different fixtures, making it convenient for manufacturers to create a wide range of lighting products.
Prime Determinants of Growth:
The global LED light engine market is driven by factors, including rapid urbanization coupled with infrastructural development, reduction in LED prices, and the emergence of initiatives governing bodies towards the adoption of the energy-efficient lighting system. Moreover, the huge growth of LED technology over conventional lighting technology as well as the rising penetration of LEDs as light sources in general lighting is projected to drive growth of the market during the forecast period. On the other hand, the lack of awareness among consumers about the installation cost limits the growth of the market to some extent. On the contrary, the integration of wireless technology in LED lighting systems and the emergence of innovative LED light engine products may create lucrative growth opportunities for the market during the forecast period.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $35.6 Billion |
| Market Size in 2032 | $115.8 Billion |
| CAGR | 12.6% |
| No. of Pages in Report | 479 |
| Segments Covered | Product Type, Installation Type, Sales Channel, Application, End User, and Region |
| Drivers | Rapid urbanization coupled with infrastructural development |
| Reduction in LED prices | |
| Initiatives by governing bodies toward adoption of energy-efficient lighting system | |
| Opportunities | Integration of wireless technology in LED lighting systems and emergence of innovative LED light engine products |
| Restraints | The lack of awareness among consumers about the installation cost |
COVID-19 Scenario:
- The outbreak of COVID-19 had a significant impact on the global LED light engine market. Due to the lockdown imposed by government authorities to control the infection of virus, this led to a halt in production of LED light engines, and there was a decrease in demand for the LED light engine.
- On the other hand, there was a growing demand for lighting solutions that can provide clean and sterile environments as health and safety awareness increased. This led to a positive impact on the market.
- However, the pandemic situation has recovered, and there is growing demand for the LED light engine.
The luminaire segment to maintain its leadership status throughout the forecast period-
Based on product type, the luminaire segment held the highest market share in 2022, accounting for nearly three-fifths of the global LED light engine industry revenue and is estimated to maintain its leadership status throughout the forecast period. Its qualities have been used by luminaire manufacturers to create environmentally friendly lighting solutions with longer product lifecycles, recyclable materials, and lower environmental impact. On the other hand, the lamp segment is projected to manifest the highest CAGR of 13.7% from 2023 to 2032. This is due to its offering of significant energy savings compared to traditional incandescent and fluorescent lamps.
The direct sales segment to maintain its leadership status throughout the forecast period
Based on sales channel, the direct sales segment held the highest market share in 2022, accounting for more than three-fourths of the global LED light engine market revenue and is expected to maintain its leadership status throughout the forecast period. It can engage with homeowners directly, providing guidance on LED lighting options and offering installation services. However, the indirect sales segment is projected to manifest the highest CAGR of 14.1% from 2023 to 2032. Because these channels have extensive market knowledge, customer relationships, and logistics capabilities.
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The indoor segment to maintain its leadership status throughout the forecast period
Based on application, the indoor segment held the highest market share in 2022, accounting for nearly three-fifths of the global LED light engine market revenue and is expected to maintain its leadership status throughout the forecast period. This is because indoor applications are increasingly focused on creating environments that prioritize human well-being and comfort. In addition, the outdoor segment is projected to manifest the highest CAGR of 13.8% from 2023 to 2032. Due to the integration of LED light engines with smart controls IoT (Internet of Things) technologies are gaining momentum in outdoor applications.
The commercial segment to maintain its leads position during the forecast period
Based on end user, the commercial segment held the highest market share in 2022, accounting for more than two-fifths of the global LED light engine market revenue and is estimated to maintain its lead position during the forecast period. This is due to LED light engines being integrated with IoT technology, enabling connectivity and control through wireless networks. Moreover, the residential segment is projected to manifest the highest CAGR of 14.4% from 2023 to 2032. LED light engines are being increasingly integrated into smart home systems, allowing users to control and automate their lighting through voice commands or mobile apps.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share 2022, accounting for nearly two-fifths of the global LED light engine market revenue and is expected to maintain its dominance by 2032. The widespread adoption of LED light engines can be attributed in large part to government regulations that encourage energy efficiency. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.4% from 2023 to 2032. Owing to the large-scale projects to replace conventional streetlights with LED light engines have been undertaken by governments in the Asia-Pacific region.
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Leading Market Players:
- Hubbell Incorporated
- Ideal Industries, Inc.
- Acuity Brands, Inc.
- Glamox As
- Zumtobel Lighting Gmbh
- Signify Holding
- General Electric Company
- Samsung Electronics Co., Ltd
- Osram Gmbh
- Lutron Electronics Co. Inc.
The report provides a detailed analysis of these key players in the global LED light engine market. These players have adopted different strategies such as product development and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- As per the LED light engine market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the led light engine market analysis from 2022 to 2032 to identify the prevailing led light engine market opportunities.
- The LED Light Engine Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the led light engine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global led light engine market trends, key players, market segments, application areas, and LED Light Engine Market growth strategies.
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