The Global light engine market is expected to reach US$ 6,384.9 Mn by 2026. The market is projected to expand at a CAGR of 9.61% during the forecast period from 2018- 2026.
Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Light Engine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026” offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years.
Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Light Engine Market have been elaborated upon in the research report.
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Global light engine market is expected to reach US$ 6,384.9 Mn by 2026.
The market is projected to expand at a CAGR of 9.61% during the forecast period from 2018 to 2026. According to the report, the global light engine market is expected to continue to be influenced by a range of factors such as rising popularity and adoption of LED lighting worldwide.
Additionally, multiple regulations passed by government bodies for increasing the adoption of LED lighting is helping the expansion of the global light engine market. The market in North America is estimated to expand at a CAGR of over 10% through 2026.
Commercial Sector is expected to be More Lucrative for the Global Light Engine
In terms of application, the global light engine market can be classified into residential, industrial, commercial, and others. The residential sector is expected to contribute significantly to revenue by 2026, owing to increased urbanization and rise in the number of smart city projects across the globe.
Rise in adoption of LED lighting in the residential sector is one of the primary reasons for the market expansion over the forecast period. The commercial segment is anticipated to expand at a significant CAGR over the forecast period.
Multiple initiatives undertaken by the government for creating awareness regarding LED lighting and removal of traditional lamps is one of the primary reasons for the expansion of the commercial sector during the the forecast period from 2018 to 2026. For instance, in 2017, the U.S.
Energy Information Administration in one of its report stated the importance of LED lighting across multiple applications and discussed the benefits of adopting it in the commercial sector. This report is expected to have a positive impact on the implementation of LED lighting in the commercial sector in the coming years.
Rigid Segment is expected to dominate the Light Engine Market around the Globe
Based on form, the light engine market can be segmented into flexible and rigid. The rigid segment can be further divided into round, linear, and others.
Owing to the increased use of flexible light engines in residential and commercial sectors, the market is projected to expand at significant rate over the forecast period. Moreover, the prominent use of linear and round light engines in multiple areas across residential, commercial, and industrial sectors is likely to have a significant positive impact on the rigid segment of the global light engine market.
Furthermore, the increasing use of rigid light engines across industries such as automotive and horticulture is expected the rigid segment of the global light engine market. Moreover, increased use of LED lighting in street lighting across the globe is also benefitting the rigid segment.
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North America to Continue to Hold Significant Share in Overall Market
North America is expected to hold substantial market share of the light engine market during the forecast period. This is mainly due to the presence of well-established players across the region.
North America is home to many well-established players from the light engine domain including General Electric Company, Cree Inc, Fulham Co., Inc., and Fusion Optix, Inc. Furthermore, North America is witnessing higher adoption of the light engine, owing to the continuous advancements in light engines by well-stablished lighting providers in the region and multiple initiatives taken by governments for increasing the adoption of LED lighting.
For instance, in 2016, the California Energy Commission adopted new standards updating the 2015 Appliance Efficiency Regulations for lighting appliances. The updates will roll out in two tiers with Tier 1 effective by January 1, 2018 and Tier 2 to be effective by July 1, 2019.
These updates are significantly focused on the optimal adoption of LED-based solutions in California. This initiative is expected to have a positive impact on the light engine market in North America.
The Asia Pacific region is expected to hold a significant market share in 2026. China, India, and Japan are anticipated to play a significant role in the region’s prominent share.
The factors contributing to the expansion in Asia Pacific are multiple initiatives taken by numerous government bodies for promoting the use of LED lighting. For instance, ‘Ujala,’ an initiative by the Indian government for boosting LED adoption across India, is helping the adoption of LED lighting across the country.
Additionally, in 2017, as per the Street Light National Program of the Indian government, 21 lakh LEDs were installed across India. Such initiatives are expected to drive the light engine market in the Asia Pacific region.
Furthermore, the increasing population of China and the rising adoption of LED lighting in the country is estimated to play a significant role for light engine market in the region.
Philips Lighting Holdings B.V., OSRAM Licht Group, Fulham Co., Inc., Tridonic, MaxLite, Inc., General Electric Company, Thomas Research Products, Fusion Optix, Inc., RS Components Pty Ltd., and Cree Inc are some of the major players operating in the light engine market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
Various market players are establishing partnerships, entering in strategic M&A, and expanding to enhance the light engine offerings worldwide.
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