LED Light Engine Market Size, Share & Growth by Manufacturer and Regions 2024


The LED Light Engine Market is expected to be valued at USD 30.0 billion in 2019 and is anticipated to reach USD 59.5 billion by 2024 growing at a CAGR of 14.7% from 2019 to 2024. Rising demand for energy-saving lighting systems; development and modernization of infrastructure, for example, smart cities; availability of low price LEDs; the entrance of LEDs as light sources in general lighting; and accelerating growth of LED technology over conventional lighting technology are key factors influencing the market growth of LED Light Engines.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=16450611

Key Players Operating in the LED Light Engine Market, include Signify Lighting NV (Netherlands), OSRAM Licht AG (Germany), GE lighting (US), Cree, Inc. (US), Hubbell Inc. (US), Zumtobel Group AG (Austria), Wipro Enterprises (P) Ltd. (India), Samsung Electronics (South Korea), LG Innotek (South Korea), Legrand SA (France), Glamox AS (Norway), Lutron Electronics Co., Inc. (US), among others. Major companies are focusing on product launches, developments, and mergers and acquisitions, as key strategies to boost their revenue in the market. Signify Lighting NV (Netherlands), OSRAM (Germany), Cree, Inc. (US) are actively involved in product launches and developments as key strategies to sustain their foothold in the LED Light Engine Market.

Top 2 Players in LED Light Engine Market:

Signify Lighting NV (Netherlands) (Philips) has been ranked 1st in the LED Light Engine Market. Capturing market opportunities and creating value for its customers are the core competencies of the company. The developed market experience and brand name have enabled the company to capitalize on the fundamental market dynamics taking place in the lighting industry and to deliver innovative solutions that create value and ensure its growth. In 2017, Signify spent the equivalent of 5.3% of its sales in R&D. It continues to conduct research and innovation to develop lighting solutions, which are smarter and energy efficient. In March 2018, Signify introduced the EyeComfort standard in its portfolio of consumer LED lamps and luminaires because currently there is no global standard that defines EyeComfort. Philips Lighting’s LED patents include inventions, such as warm dimming, high color rendering white, tunable white, color illumination, and efficient light mixing and distribution.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=16450611

The company aims to further invest in LED leadership while capitalizing on a broad product portfolio, widespread distribution, and strong brand name in conventional and LED lighting by anticipating and managing the phase-out of conventional products. This key strategy helped Philips win numerous contracts to supply connected LED systems and other lighting control equipment. For instance, in June 2018 Signify (Philips Lighting) signed a contract with Agro-Inwest LLC (Russia), the most modern and rapidly growing company, to cultivate fresh vegetables and expand the use of Philips LED lighting for growing tomatoes from its current 25 hectares to 68.5 hectares—an area of greenhouses equivalent to 100 soccer pitches. Moreover, in May 2018 Signify (Philips Lighting) acquired Shenzhen LiteMagic Technologies Co., Ltd., a Chinese manufacturer and seller of lighting luminaires and control systems, to strengthen its leadership position in the market.

OSRAM (Germany) has been ranked 2nd in the LED Light Engine Market. OSRAM announced its intention to increase its focus on the automotive lighting, smart lighting, and LED components market. By adopting the strategy of reorganizing business segments and eliminating underperforming businesses, the company seeks to target business-to-business (B2B) and semiconductor markets where there is scope to earn higher profit margins. The company is expanding its LED chip-based investments and facilities in Germany and Malaysia. R&D and innovations are its prime strengths and the company is expected to rely on that for future expansions in the market. It has launched several new products for automotive lighting, smart lighting, and other lighting applications. For instance, in November 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 consist of modern components designed to meet professional demands in various general lighting applications and are characterized by long operational life, high performance, and first-class reliability. Also, 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.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/led-light-engine-market-16450611.html

Comments

Post a Comment

Popular posts from this blog

Trends Shaping the Environmental Test Chambers Market

The   Environmental Test Chambers Market Size  is expected to rise steadily; estimates show that it will reach USD 938 million by 2024 from USD 842 million in 2019, a compound annual growth rate (CAGR) of 2.18%. The most recent market research report outlines this growth trajectory and highlights the several variables that are driving this expansion. A variety of industrial verticals, including aerospace and defence, automotive, telecommunications, and electronics, are served by the market's segmentation based on type, which includes temperature and humidity chambers, customised chambers, and thermal shock chambers. Over the course of the forecast period, factors like strict regulatory requirements, rising need for dependable testing solutions, and technical developments in environmental testing equipment are anticipated to drive market expansion. Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107895228 The environmental test chambers mar...
Read more

Microwave Revolution: Unraveling the Monolithic Microwave IC Market

Image
The   Monolithic Microwave IC Market  showed strong growth, reaching a worth of USD 9.7 billion in 2022 and expected to reach USD 17.0 billion by 2027. It is anticipated that the market would expand at a notable compound annual growth rate (CAGR) of 11.9% from 2022 to 2027. This growth trend shows how Monolithic Microwave Integrated Circuits (MMICs) are becoming more and more popular in a variety of industries. MMICs are essential parts of applications like consumer electronics, aircraft, defence, and telecommunications because of their small size and excellent performance at microwave frequencies. Technological developments, the growing need for high-frequency communication systems, and the extensive use of MMICs in developing technologies are the main factors propelling the market's growth. The MMIC market is expanding significantly due to a number of important factors. The smartphone industry is a major trigger for the spike in demand for Monolithic Microwave Integrated Cir...
Read more

Empowering Connectivity: RF Gallium Nitride Market on Track for $2.8 Billion by 2028

With a projected value of USD 2.8 billion by 2028, the global   RF Gallium Nitride (GaN) Market   is expected to experience significant expansion from its estimated USD 1.5 billion valuation in 2023. Over the course of the forecast period, this projected growth translates into a strong compound annual growth rate (CAGR) of 12.9%. Technological developments, the growing need for high-frequency and high-power devices, and the broad use of GaN technology in a variety of industries, including the automotive, aerospace and defence, and telecommunications sectors, are all considered contributing factors to the market value increase. The market is anticipated to experience substantial growth in the upcoming years as GaN continues to establish itself as a favoured material for RF applications because of its excellent qualities, such as high electron mobility and thermal stability. Download PDF Brochure:   https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=183000597 There are...
Read more