| A11787 | Pages: 251 | Jun 2021 | 1802 Views | ||
| Author(s) : Shantanu Sachan , Vineet Kumar | Tables: 142 | Charts: 75 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Led Light Engine Market
Request Now !The global LED light engine market size was valued at $25.15 billion in 2020, and is projected to reach $91.27 billion by 2030, to register a CAGR of 13.3% from 2021 to 2030. North America was the highest revenue contributor, accounting for $9.74 Billion in 2020, and is estimated to reach $29.54 million by 2030, with a CAGR of 11.4%.
The COVID-19 pandemic has hindered the demand for LED light engine market in 2020 and is estimated to witness slow growth till the end of 2021 due to implementation of partial and complete lockdown across various countries globally as it has impacted the manufacturing and industrial sector.
The LED light engine (LLE) is an integrated assembly, which is composed of one or more LED arrays (modules) or light emitting diodes (LEDs) as well as an LED driver along with the other optical, mechanical, thermal, and electrical components. It is a cutting-edge lighting technology that offers increased efficiency and longevity. A luminaire's fundamental component is its LED light engine. These light engines can be used to replace standard lamps. It is made of LED chips placed on the circuit board. They are mainly classified into two categories including lamp and luminaire. Compared with traditional LEDs, LED light engine do not require an AC/DC transformer because they are directly connected to alternating current or AC power.
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Factors such as rapid urbanization coupled with infrastructural development; reduction in LED prices; and emergence of initiatives by governing bodies toward the adoption of the energy-efficient lighting system mainly drive the growth of the LED light engine market. For instance, on going smart cities initiatives around the globe has encouraged the implementation of lighting systems, which are based on IoT.
Moreover, huge growth of LED technology over conventional lighting technology as well as rise in penetration of LEDs as light sources in general lighting is projected to drive the growth of the market during the forecast period. On the other hand, the integration of wireless technology in LED lighting systems and emergence of innovative LED light engine products are projected to create lucrative growth opportunities for the market during the forecast period.
The global LED light engine market has been significantly impacted by the COVID-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which led to slowdown in the growth of the LED light engine market in 2020.
As per the market analysis, in the product type, lamp segment is projected to be most lucrative segment during the forecast period followed by luminaire. On the basis of analysis in the applications for LED light engine market, the outdoor lighting segment is anticipated to witness highest growth rate during the forecast period. Whereas, region-wise, Asia-Pacific and North America collectively accounted for more than 61.2% of the LED light engine market share in 2020. As per the country analysis of Asia-Pacific region, China was the major shareholder in the light engine market.
Region wise, the LED light engine market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).The Asia-Pacific region is expected to develop at the highest growth rate during the conjecture time frame. The increased construction activities in this region primarily drives the growth of the market. Developing countries such as China and India are anticipated to be the largest LED light engine market. This is attributed to the rise in initiatives by governments of such countries, encouraging the population to adopt LED lightings.
Leading LED light engine market players such as Acuity Brands, Inc., General Electric Company, Glamox Limited, Innovations in Optics Inc., and Hubbell Incorporated are focusing their investments on technologically advanced and cost-effective products.
For instance, in March 2019, Innovations in Optics Inc., the manufacturer of high power LED light sources has launched LumiBright UV-LED Light Engines, powerful solid-state sources that are being used within OEM equipment applied to photocuring of coatings and adhesives, as well as photomask exposure systems for photolithography. Moreover, the companies aim for business expansion through mergers & acquisitions, partnerships, and product launches to prevent the new entrants from capturing/entering the market.
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Factors such as rapid urbanization coupled with infrastructural development; reduction in LED prices; and emergence of initiatives governing bodies toward the adoption of the energy-efficient lighting system mainly drives the growth of the market. In addition, huge growth of LED technology over conventional lighting technology as well as rise in penetration of LEDs as light sources in general lighting is projected to drive the growth of the market during the forecast period. Furthermore, the LED light engine have a longer lifecycle which leads to lesser LED light engine replacement.
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However, the lack of awareness among consumers about the installation cost is anticipated to restrain the LED Light Engine market growth. On the contrary, the integration of wireless technology in LED lighting systems and emergence of innovative LED light engine products for applications even in harsh environment such as, marine room lights, are expected to create lucrative growth opportunities for the market during the forecast period.
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The global LED light engine market is segmented on the basis of product type, installation type, application, end user, and region. On the basis of product type, the market is bifurcated into lamp and luminaire. By installation type, the market is classified into new installation and retrofit installation. According to the application, the market is segmented into indoor lighting and outdoor lighting. On the basis of end user, the market is classified into residential, commercial, and industrial. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Competitive analysis and profiles of the major LED light engine market players such as Acuity Brands Inc., General Electric Company, Glamox Limited, Hubbell Incorporated, Ideal Industries Inc., Lutron Electronics Co. Inc., OSRAM GmbH, Samsung Electronics Co. Ltd., Signify Holding, and Zumtobel Lighting GmbH. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
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Global LED light engine industry has been significantly impacted by the COVID-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which led to decrease in the growth of the LED light engine industry in 2020.
The Asian and European countries under lockdowns have suffered in major loss of business and revenue, due to the shutdown of manufacturing units in the region. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to decline in the growth of the LED light engine market in 2020.
However, the negative impact of COVID-19 on the LED light engine market is expected to be there for a short period of time, and by early 2021 the market is anticipated to observe robust recovery rate along with the extensive demand for LED light engine products in post pandemic. This is due to the fact that a growing number of market players are reassessing their strategies and coming up with quick responses to stabilize their supply chain. For instance, according to the Lighting Industry Association (LIA) survey in May 2020, 71% of LIA members reported a recovery plan in place ready for the removal of lockdown measures.
Key Benefits For Stakeholders
LED Light Engine Market Key Segments
By Product Type
By Installation Type
By Application
By End User
By Region
Key Market Players
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The LED light engine market is going through enormous transformation and growth. Rapid urbanization coupled with infrastructural development fuels the demand for LED light engines.
In addition, the factors such as reduction in LED prices and emergence of initiatives governing bodies toward the adoption of the energy-efficient lighting system significantly drives the growth of the market. In addition, huge growth of LED technology over conventional lighting technology as well as rise in penetration of LEDs as light sources in general lighting is projected to drive the growth of the market during the forecast period.
However, the lack of awareness among consumers about the installation cost is anticipated to restrain the market growth. On the contrary, the integration of wireless technology in LED lighting systems and emergence of innovative LED light engine products are anticipated to create lucrative growth opportunities for the market during the forecast period.
The LED light engine market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of products & services, reliability, efficiency of the product, and support services. Owing to the competition, vendors operating in the market are offering advanced LED light engine solutions to improve the marketing strategies of the enterprises.
For instance, in February 2017, Adura, one of the leading light-engine manufacturers launched two new modular LED light engines that are specifically targeted toward horticultural solid-state lighting (SSL) applications. In addition, key players are heavily investing in R&D activities to develop effective LED light engine technology and services offerings, which is opportunistic for the market.
A. The LED Light Engine Market is estimated to grow at a CAGR of 13.3% from 2021 to 2030.
A. The LED Light Engine Market is projected to reach $91.27 billion by 2030.
A. To get the latest version of sample report
A. Rapid urbanization coupled with infrastructural development; reduction in LED prices; and emergence of initiatives by governing bodies etc. boost the LED Light Engine market growth.
A. The key players profiled in the report include Acuity Brands Inc., General Electric Company, Glamox Limited, Hubbell Incorporated, Ideal Industries Inc., and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The LED Light Engine Market is segmented on the basis of product type, installation type, application, end user, and region.
A. The key growth strategies of LED Light Engine market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Lamp segment would grow at a highest CAGR of 14.9% during the forecast period.
A. Commercial segment will dominate the market by the end of 2030.
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