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.
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LED modules and Light Engines, respectively, are things that have LEDs on printed circuit boards and driver ICs. The total demand for LED Modules and Light Engines is estimated to increase at a CAGR of 11.2% from 2022 to 2032, reaching approximately US$ 115,729.3 Million.
Due to its uses in both the industrial and residential sectors, the market for LED modules and light engines has recently grown. Devices with LEDs on printed circuit boards and driver ICs are referred to as LED modules and Light Engines, respectively.
The main advantage of using LED modules and light engines over their direct competitors, such as light bulbs, is that they are simpler to manufacture, more efficient, and offer more dependable products than their direct rivals.
Due to the growth of the LED TV and monitor backlight markets, interest in LED modules and light engines has increased. Cell phone flash, architectural lighting, and car lighting are a few additional applications that help drive the expansion of the LED module and light engine businesses.
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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.
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.
Key Segments Covered in the LED Modules and Light Engines Industry Analysis
By Application:
- LED Modules and Light Engines for Commercial Applications
- LED Modules and Light Engines for Residential Applications
- LED Modules and Light Engines for Industrial Applications
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By Form Factor:
- LED Modules and Engines for Downlights
- LED Modules and Engines for Troffers
- LED Modules and Engines for High Bays and Street Lights
By Region:
- North America LED Modules and Light Engines Market
- Latin America LED Modules and Light Engines Market
- Europe LED Modules and Light Engines Market
- Asia Pacific LED Modules and Light Engines Market
- Middle East & Africa LED Modules and Light Engines Market
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