Light Engine Market Is Driven By Increasing Requirement For Energy-Efficient Lighting Systems

According to a new market research report published by Brisk Insightts “Global Light Engine Market (Product Type (Lamp, Luminaire); New Installation Retrofit Installation (New Installation, Retrofit Installation);  End-User Application (Indoor Lighting (Residential, Commercial, Industrial, Others), Outdoor Lighting(Highways & Roadways Lighting, Architectural Lighting, Lighting for Public Places, Others))) – Growth, Future Prospects, and Competitive Analysis,2019 - 2027”,the overall light engine market worldwide is expected to register a market value of US$ 49.68  Bn by 2027 and is set to grow with a CAGR of 12.9% during the forecast period.

Market Insights

Advancement in technology has led in improvement and development of energy efficient systems and technology such as light engine which are being used in industrial, residential, commercial and other applications which is considered as cone of the major factors driving the growth of the market. The companies are enveloping new products to increase their market reach for the light engine market. Moreover, in December 2017, Cree Inc. had lauched  XLamp XD16 an LED which provides  five and a half times higher lumen density as compare to the normal led solutions offered by the company.   

Based on product type, the light engine market has been segmented as lamp, and luminaire. The luminaire segment is the dominating segment in 2018 with a market share of more than 60.0% and is expected to dominate the market during the forecast period. This is due to rising awareness among the consumers associated with installing light systems with high energy efficiency and conserving energy are some of the factors driving the market. Additionally, these products are available in various different shapes such as round, square, linear, and rectangular and are applied depending upon their applications.

North America is holds the second position for the light engine market. The region is expected to grow with a CAGR of more than 10.0% during the forecast period. The rising development and technological advancement in the region is one of the major factor driving the market in the region. Additionally, the people in the region are also demanding for energy efficient lights which is also fueling in the growth of the market. The US accounts the largest market share in the region based on country due to increasing disposable income among the individuals in the country, government initiative for adoption of energy efficient LEDs and others.

Some of the prominent players operating in light engine market are OSRAM Licht Group, Philips Lighting Holdings B.V., Fulham Co., Inc., MaxLite, Inc., Tridonic, General Electric Company, Fusion Optix, Inc., Thomas Research Products, Cree Inc., and RS Components Pty Ltd.

Browse the full report at https://www.briskinsights.com/report/light-engine-market

The Global Light Engine Market is Segmented into:

*Complete segmentation list is on report page