Global Light Engine Market Size To Reach USD 82.16 Billion In 2032 | Xcellent Insights

(MENAFN- GlobeNewsWire - Nasdaq) Pune, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global light engine market has witnessed substantial growth in recent years, reaching a value of USD 27.3 billion in 2022, and is projected to further expand to USD 82.16 billion by 2032, with an impressive annual growth rate of 13.1% during this period.

A light engine is a comprehensive lighting system that includes all the essential components needed to generate light efficiently. In the context of LED and Solid-State Lighting, a typical light engine comprises an LED or solid-state module, a driver, a heat sink, optics, and control electronics. These components work in tandem to provide efficient and controlled illumination. Key elements of light engines include optics, electronics, heat management systems, and control mechanisms. These light engines offer several advantages, including high energy efficiency, extended lifespan, and the ability to customize lighting settings to meet specific requirements.

One of the driving factors behind the growth of the light engine market is the increasing demand for energy-efficient lighting solutions. Governments worldwide have implemented regulations to promote the use of LED lighting due to its energy-saving properties. Additionally, the adoption of smart lighting systems is on the rise, contributing to market expansion. Moreover, ongoing technological advancements and decreasing prices of LED components are further fuelling the market's growth.

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LED light engines are known for their durability and resistance to shocks, vibrations, and external impacts, thanks to their solid-state technology. Unlike traditional bulbs, such as incandescent or fluorescent, LEDs lack delicate components like filaments or glass tubes that can break easily. This durability ensures a long operational life, reducing the need for frequent bulb replacements. As a result, maintenance costs are lower, and disruptions to lighting systems are minimized. LED technology also allows users to create customized lighting scenarios, adjusting brightness, color temperature, and even the color itself to enhance ambiance and mood.

In terms of energy consumption, LED light engines are significantly more efficient than traditional incandescent or fluorescent bulbs, potentially reducing electricity consumption by up to 80%. This leads to lower electricity bills for households, businesses, and industries. Reduced energy consumption also contributes to lower greenhouse gas emissions, aligning with efforts to combat climate change. Over the past decade, the cost of LED technology has substantially decreased, thanks to ongoing research and development (R&D) efforts. These endeavors have improved LED manufacturing processes and materials, making them both efficient and cost-effective.

However, it's essential to recognize that the production of light engines relies on a complex global supply chain, encompassing various components like semiconductors, phosphors, substrates, and packaging materials. Disruptions in this supply chain, whether caused by natural disasters, trade disputes, or other factors, can lead to shortages, increased costs, and production delays, limiting the availability of light engines and hindering market growth.

In addition to energy efficiency and cost savings, LED light engines find applications in various industries. In the automotive sector, the adoption of LED-based systems has grown due to their energy efficiency and precise control over light parameters. This trend aligns with the increasing use of autonomous vehicles and the focus on safety and aesthetics in automotive design. Furthermore, LED-based systems offer precise control over light parameters, making them valuable in medical applications like photodynamic therapy and optogenetics. They also provide bright and adjustable lighting, improving visibility for medical professionals during procedures and examinations.

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In conclusion, the global light engine market is on a significant growth trajectory, driven by the demand for energy-efficient lighting solutions, government regulations, the rise of smart lighting systems, and ongoing technological advancements. Despite supply chain challenges, the advantages of LED light engines in terms of durability, energy efficiency, and versatility position them as vital components in various industries, from automotive to healthcare.

Report Coverage:

Report Details	Outcome
Market Size in 2022	USD 27.3 Billion
Revenue CAGR	13.1%
Market Size in 2032	USD 82.16 Billion
Base Year for Estimation	2022
Historical Data	2018-2021
Forecast Period	2023-2032
Segments Covered	Product Type, Installation Type, Power Capacity, End Use, and Region
Qualitative Info	Value Chain Analysis Pricing Analysis Regional Outlook Market Trends Market Share Analysis Competition Analysis Technological Advancements
Customization Scope	10 Hours of Free Customization and Expert Consultation

Competitive Landscape:

Manufacturers operating in the global Light Engine market include ACUITY BRANDS, INC., Bajaj Electricals Ltd., Fulham Inc., Fusion Optix, Havells India Ltd., Hubbell Incorporated, Leedarson IoT Technology Inc., Cree Lighting Europe S.p.A., Maxlite, Inc., Wipro Enterprises, Suzhou Opple Lighting Co., Ltd., Crystal IS, Inc., OSRAM Licht Group, Signify Holding, Zumtobel Group, and MLS CO, LTD.

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These market players are actively pursuing various strategies to capitalize on untapped opportunities in the global Light Engine market.

Some Key Players Listed in the Report Include:

• Wipro Enterprises
• ACUITY BRANDS, INC.
• Fulham Inc.
• Fusion Optix
• Bajaj Electricals Ltd
• Hubbell Incorporated
• Maxlite, Inc.
• Havells India Ltd.
• Suzhou Opple Lighting Co., Ltd.
• Crystal IS, Inc.
• Other key players

Light Engine Industry Recent Developments:

• In June 2021, Acuity Brands, Inc. entered into an agreement to acquire the North American operations of Ams Osram's digital systems business. This acquisition encompasses the manufacturing of LED drivers, LED light engines, and components for internet connectivity.
• In June 2022, DEDO Lights, a manufacturer specializing in LED lighting and solutions, in collaboration with its partner firm Prolycht, unveiled the innovative RGBLAC LED lighting system. This LED system is capable of producing a spotlight beam with a remarkable 6:1 variation in light intensity.

Direct Purchase Report:

The Global Light Engine market has been segmented based on Product type, Installation, Power Capacity, End Use, and Region:

Light Engine Segment Product Type

• Lamp
  • A-shape
  • Reflectors
  • Decorative
  • Specialty

• Luminaire
  • Ceiling Fan
  • Chandeliers
  • Highway Lightings
  • Recessed Luminaries
  • Others

Light Engine Segment Installation Type

• New Installation
• Retrofit Installation

Light Engine Segment Power Capacity

• Up to 5 W
• 5 - 10 W
• 10 - 15 W
• Above 15 W

Light Engine Segment End Use

• Indoor Lighting
  • Residential
  • Commercial
  • Industrial

• Outdoor Lighting
  • Highways
  • Architectural Lighting
  • Other Outdoor Commercial Spaces

Light Engine Segment by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Russia
  • Nordic Countries
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Southeast Asia
  • India
  • Australia
  • Rest of Asia
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of MEA

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