Global Light Engine Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at 13% through 2020 to 2027, reaching US$ 49.5Bn.
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Global Light Engine Market Definition:
Light engine technology is dedicated to developing high quality specification-grade architectural lighting products. The light engine is similar to LEDs mounted on board. It can be managing thermal, providing protection, and regulating power.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Light Engine Market Dynamics:
The report analyzes various factors which have been driving the global light engine market in the past. Also, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for the market forecast. Advancement in technology has led in development and improvement of energy-efficient systems and technology like a light engine which is being used in residential, industrial, commercial and other applications which are considered as the cone of the major factors fueling the growth of the market.
Moreover, the government of developing countries mainly in China, India, and Japan are making constant efforts and encouraging its people to use more of LEDs lightings on regular bases. In 2017, the Indian government program of Street Light National, in which they installed approx. 21 lakh LED lights across the nation. Therefore, initiatives like this will trigger the demand to use LED light and significantly boost the market for light engine market globally.
Global Light Engine Market Segmentation:
The report covers the segments in the light engine market such as form and application.
By application, the residential segment expected to grow at the highest XX% CAGR during the forecast period thanks to an increase in urbanization and increase in many smart cities across the world. Thus, increased adoption of LED lighting in the residential segment is a driving factor behind the high demands. Also, many initiatives taken by the government to spread awareness about using LED and discarding conventional lamps is one more reason behind the rise in demand for the light engine in the commercial sector during 2020-2027.
Global Light Engine Market Regional Analysis:
The Asia Pacific Light Engine Market was valued at US$ XX Mn in 2019 and is expected to reach a value of US$ XX Mn by 2027, with a CAGR of XX% during the forecast period. The combination of multiple factors makes APAC the most dynamic region in the market for the light engine. The major reason for APAC to be the leading market is it is home to some of the top players in the light engine market, such as Philips Lighting Holdings, General Electric etc.
APAC has a very huge population with a standard of living that is improving every day, and there is a growing growth of smart homes. The economies of the APAC region are also introducing rules for energy efficiency and LED lighting.
Recent Development:
The companies are developing new products to upsurge their market reach for the light engine market. In May 2017- Tridonic discussed plans to form industry standards for “IoT-ready” light fittings along with Design Lights Consortium, a lighting solutions company and Enlighted, an Internet of service Solutions Company.
In Dec 2017, Cree company had launched XLamp XD16 an LED which offers five and a half times higher lumen density as compared to the normally led solutions offered by the Cree company.
The objective of the report is to present a comprehensive analysis of the Global Light Engine Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Light Engine Market dynamics, structure by analyzing the market segments and projects the Global Light Engine Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Light Engine Market make the report investor’s guide.
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Scope of the Global Light Engine Market: Inquire before buying
Global Light Engine Market, by Application
• Residential
• Commercial
• Industrial
• Others
Global Light Engine Market, by Form
• Flexible
• Rigid
o Linear
o Round
o Others
Global Light Engine Market, by Region
• Asia Pacific
• North America
• Europe
• Latin America
• Middle East Africa
Key players operating in Global Light Engine Market
• OSRAM Licht Group
• Philips Lighting Holdings
• Fulham
• MaxLite
• Tridonic
• RS Components Pty Ltd.
• General Electric
• Fusion Optix
• Thomas Research Products
• Cree
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