In 2022, the market for LED modules and light engines is anticipated to be worth US$ 39,876.4 Million. Due to their wide range of applications, from the industrial to residential sectors, LED modules and light engines as a market have gained traction recently.
Devices with LEDs on printed circuit boards and driver ICs are referred to as LED modules and Light Engines, respectively. The total demand for LED Modules and Light Engines is anticipated to reach around US$ 115,729.3 Million by 2032, growing at a CAGR of 11.2% between 2022 and 2032.
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The LED modules and light engine, as a market has gained traction in recent times due to its applications ranging from industrial to residential sector. LED modules and Light Engines are the devices with LED on printed circuit board and driver IC respectively.
The primary and foremost feature for the use of LED modules and light engines over its straight competitors like light bulbs is that LED modules and light engines are easy to manufacture, more efficient and provides more reliable products than its straight competitors.
LED modules and light engines market gained hype due to boom in LED TV market and monitor backlight market. Some other markets which contribute to the growth of LED modules and light engine market are cell phone flash, architectural lighting and automobile lighting.
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LED modules and light engines Market: Drivers and Challenges
With the increasing adoption of smart/connected lighting and LED luminaires and lamps, in different sectors, the use of LED modules and light engines is proliferating.
Henceforth, the primary driver for LED modules and light engines market is the use of these products in many applications across sectors like automobile, electronics, healthcare etc.
LED modules and light engines are not only used in these sectors but also in broad sectors like commercial sector, residential sector, industrial sector and outdoor sectors which makes it a very vast market with number of opportunities.
Moreover, the decline in prices and an improved light quality and flexibility provided by LED modules and light engines drives its growth in the market.
The major challenge faced by the LED modules and light engines market is that it plays by the rule of one company. The other competitors report that the market is closed due to specification followed of just the one company making it a closed manufacturers’ standard.
In addition to this, a few of the LED modules and light engines suffer from 120Hz flicker which reduces the efficiency to almost 83%. This impedes the growth of LED modules and light engines market.
LED modules and Light engines Market: Key Players
Some of the key players of LED modules and Light engines Market are Philips Lumileds, Cree, Osram Opto, GE, Everlight, Nichia, Sharp, Toyoda Gosei, Samsung LED, Seoul Semiconductor and LG Innotek.
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Key Contracts
In January 2015, Nichia and Mitsubishi Chemical reached an agreement on patent cross-licensing related to red phosphor for white LEDs. The patents targeted by the cross-licensing in the agreement which include Nichia’s patents and MCC and NIMS’s patents. The companies also announced that Nichia, Citizen, MCC, and NIMS have reached an agreement to share the U.S. patent, which is one of the basic patents that MCC and NIMS co-own.
LED modules and light engines Market: Regional Overview
By geography, LED modules and light engines market can be segmented into the following regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa.
Among various regions, the LED modules and light engines Market in North America is expected to dominate during the forecast period owing to the adoption of LEDs and applications including LEDs on a common utility purpose by several industries.
Europe, after North America, is expecting a slower growth rate in the LED modules and light engines market because of the lack of manufacturers and a complex technology.
Regional analysis for Global LED Modules and Light Engines Market includes
- North America Market
- US
- Canada
- Latin America Market
- Argentina
- Mexico
- Brazil
- Rest of Latin America
- Western Europe Market
- Germany
- France
- U.K.
- Spain
- Italy
- Nordic
- Benelux
- Rest of Western Europe
- Eastern Europe Market
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific Market
- Australia and New Zealand (A&NZ)
- China
- India
- ASEAN
- Rest of Asia Pacific
- Japan Market
- Middle East and Africa Market
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
LED modules and light engines Market: Segmentation
Segmentation of LED modules and light engines Market on the basis of applications:
- Commercial
- Residential
- Industrial
Segmentation of LED modules and light engines Market on the basis of form factor:
- Downlights: These have a, comparatively, lower selling price and are more easy to use. Downlights incorporate a higher percentage of LED modules and light engines
- Troffers: These are less integrated LED modules and light engines which results into lower costs
- High bays and Street lights: These have more integrated LED modules and light engines, and henceforth has higher ASP and slower price declines
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