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.
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.
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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. 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.
LED Light Engine Market by Product Type (Lamps and Luminaires), Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), and Geography - Forecast to 2024
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