WASHINGTON, Feb. 09, 2022 (GLOBE NEWSWIRE) -- LED Light Engine is a LED chip mounted on a circuit board that has electrical and mechanical fixing and the whole device is used as lighting source similar to conventional lighting lamp. The major advantages of LED engine are its longer lifespan of 25,000 operating hours with lower power consumption than conventional lamp. LED Engine is also known as LLE in the market which consists of one or more LED modules with separated driver. The major advantage of LED light engine is its energy efficient operation which is driving the market, states Vantage Market Research, in a report, titled “LED Light Engine Market by Product Type (Lamps, Luminaires), by Installation Type (New Installation, Retrofit Installation), by End-Use Application (Indoor Lighting, Outdoor Lighting), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The market size stood at USD 40.09 Billion in 2021. The global LED light engine market size is expected to reach USD 110.60 Billion by 2028, exhibiting a CAGR of 15.6% during the forecast period.
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The report on LED light engine market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Porter’s Five Forces Analysis
- Global and Regional Dynamics
Market Overview:
Need for Energy Efficient Energy System is Expected to Drive the Market.
LED Light Engine or LLE are currently gaining huge potential especially in urban cities due to high efficiency and lower power consumption. In some countries government bodies are making it compulsory and regulations for the use of LED lighting. For instance, in India major villages and small towns are discarding the conventional lighting system and moving to LED lighting which has proven to be great energy saving option for them.
With the booming in LED Lighting Market, everyday there are new lighting companies enter into this industry, along with new led lights. It brings lots of inconvenience to the standardized manufacturing and promotion of indoor led lights since there are so many diversified led lights flooded into this market.
As LED Light Engine is a standardized product, LED light factories can choose different LED Light Engine to design and produce their light fixtures according to various applications. Especially for the new entrants, they only need to find several types of standardized LED Light Engine to design light fixture, without the worry of the mass production issue. This is because the same type of standardized LED Light Engines is available across many manufacturers. In addition, the standardized LED Light Engines are convenient for mass production.
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Lack of Awareness Regarding Installation Might Hinder the LED Light Engine Market
LED Light Engines are installed majorly in commercial and residential spaces for better energy efficient outcome. Installation is major factor that helps LED light engines function correctly. Due to unavailability of skilled manpower for LED lighting, these systems are sometimes not installed correctly and might malfunction and will not give desire output. Hence this can hinder the market growth if is not properly installed.
COVID-19 Analysis:
The COVID-19 outbreak has affected various industries worldwide. The LED light engine market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, reduced construction activities further affected the demand LED light engine device manufacturing across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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Regional Analysis:
Increasing Growth of LED Light Engine Market in Asia Pacific
Asia Pacific is expected to dominate the Global LED Light Engine Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing adoption of these technologies and rising investment in R&D activities across the region. Furthermore, favourable government initiatives and offering of funds for research is also expected to support the regional growth of the market.
Asia Pacific is anticipated to grow at a fastest CAGR in the projected period. This is attributed due to presence of key players of LED light engine manufacturers. Stringent government regulation and demand from the consumers for LED lighting is expected to generate revenue for LED light engine market in coming years. Countries in this region such as China, Japan and India are considered to be the innovative in manufacturing of LED lighting devices and their spare parts.
List of Prominent Players in the LED Light Engine Market:
- Seoul Semiconductors (South Korea)
- Acuity Brands, Inc. (US)
- TRILUX Lighting (Germany)
- SDA Lighting (US)
- LUMITECH (Austria)
- AB Fagerhult (Sweden)
- Helvar (Finland)
- Gerard Lighting (Australia)
- LEDVANCE GmbH (Germany)
- LEDRA brands (US)
- Halla, a.s. (Czech Republic)
Browse market data Tables and Figures spread through 168 Pages and in-depth TOC on "LED Light Engine Market by Product Type (Lamps, Luminaires), by Installation Type (New Installation, Retrofit Installation), by End-Use Application (Indoor Lighting, Outdoor Lighting), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/led-light-engine-market-868586
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the LED Light Engine Market?
- How will the LED Light Engine Market change in the upcoming six years?
- Which application and product will take a lion’s share of the LED Light Engine Market?
- What is the LED Light Engine market drivers and restrictions?
- What will be the CAGR and size of the LED Light Engine Market throughout the forecast period?
Recent Developments in the Industry:
In Nov 2018, OSRAM launched Osconiq S3030, an LED that enables customers to build luminaires with optimum quality, extra-long operational life, and exceptional robustness. These LEDs use modern components designed to meet professional demands in various general lighting applications and are characterized by longer operational life, high performance, and first-class reliability.
In August 2018, Signify (Philips Lighting) launched a new Philips GreenPower LED top lighting for high output with a light efficacy up to 3.0 µmol/J and an output of 800 µmol/s. This module helps greenhouse growers improve the growth of vegetables, fruits, flowers, and other crops that require a lot of light.
In March 2018, OSRAM acquired BAG Electronics GmbH (Germany) (a Trilux subsidiary), a company that specialized in LED modules and software for innovative LED lighting solutions, to strengthen OSRAM’s electronic component business and increase its sales and distribution in Germany and Asia.
In Sept. 2017, Signify (Philips Lighting) launched a new Philips SlimBlend LED luminaire, which meets the trend in offices and other commercial buildings for compact, energy-efficient lighting to suit high ceilings.
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This market titled “LED Light Engine Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 40.09 Billion |
| Projected Market Size in 2028 | USD 110.60 Billion |
| CAGR Growth Rate | CAGR of 15.6% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product Type: - Lamps, Luminaires Installation Type: - New Installation, Retrofit Installation End-Use Application: - Indoor Lighting, Outdoor Lighting |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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