Portland,OR, July 12, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global LED light engine market generated $25.15 billion in 2020, and is estimated to reach $91.27 billion by 2030, witnessing a CAGR of 13.3% from 2021 to 2030. The report offers an extensive analysis of changing market trends, value chain, top segments, top investment pockets, regional scenarios, and competitive landscape.
Rapid urbanization and infrastructural development, lowered down LED prices, and supportive initiatives by governing bodies toward the adoption of the energy-efficient lighting system drive the growth of the global LED light engine market. However, lack of awareness and high installation cost hinder the market growth. On the other hand, integration of wireless technology in LED lighting systems and advent of innovative LED light engine products present new opportunities in the coming years.
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- Manufacturing activities of LED light engines stopped partially or completely due to lockdown implemented by governments of many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in carrying out production activities in full capacity.
- The demand from end user such as commercial and residential users lowered down considerably as new installation and maintenance activities postponed due to lockdown. However, the demand is expected to grow steadily during post-lockdown.
- Owing to disruptions in the supply chain, market players have been coming up with various strategies and quick responses for stabilization. As per the survey conducted by the Lighting Industry Association (LIA) in May 2020, nearly 71% of LIA members implemented a recovery plan if lockdown measures are implemented in their countries.
The report offers detailed segmentation of the global LED light engine market based on product type, installation type, application, end user, and region.
Based on product type, the luminaire segment held the highest market share in 2020, accounting for nearly three-fifths of the total share, and is expected to maintain its leadership status during the forecast period. However, the lamp segment is projected to manifest the highest CAGR of 14.9% from 2021 to 2030.
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Based on installation type, the new installation segment accounted for the largest share in 2020, contributing to more than half of the global LED light engine market, and is expected to continue its lead position during the forecast period. However, the retrofit installation segment is projected to portray the fastest CAGR of 14.6% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, accounting for nearly two-fifths of the total share, and is estimated to maintain its dominant share by 2030. However, Asia-Pacific is estimated to witness the fastest CAGR of 16.2% during the forecast period.
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Leading players of the global LED light engine market analyzed in the research include Acuity Brands Inc., Glamox Limited, General Electric Company, Ideal Industries Inc., Hubbell Incorporated, OSRAM GmbH, Lutron Electronics Co. Inc., Signify Holding, Samsung Electronics Co. Ltd., and Zumtobel Lighting GmbH.
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