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LED Light Engine Market Size
LED Light Engine Market To Growing At 13.7% CAGR - In-Depth Analysis On Recent Initiatives, Growth Drivers, Constraints, Business Opportunities
NEW YORK CITY, NEW YORK, UNITED STATES, October 13, 2022 /EINPresswire.com/ -- The size of the global LED light engine market is anticipated to reach USD 67.8 billion by 2027, expanding at a 13.7% CAGR over that time. The term "LED light engine" refers to a system that combines mechanical, thermal, optical, and electrical components with one or more LED arrays or light-emitting diodes (LEDs) and an LED driver. This LED light engine is a cutting-edge lighting technology that offers increased longevity & efficiency. A luminaire's LED light engine is also a crucial component. These light engines are replacing ordinary bulbs in more and more places. Additionally, LED chips are used on the circuit board to construct it. Lamps and luminaires are the two main categories of LED light engines. An LED light engine, as opposed to normal LEDs, is closely connected to alternating current or AC power and does not require an AC/DC transformer.
Around the world, employing LEDs as light sources is becoming more and more popular. However, using LEDs is now required in some locations to meet energy efficiency and color rendering criteria. In addition, LED light engines differ from incandescent bulbs in that they have light-emitting devices in addition to a heatsink, a constant current driver, and occasionally supplementary optics to satisfy the needs of the light pattern. These are some of the elements that must be optimized in order to sustain the system's lumen-per-watt efficacy.
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Growth factors for the global LED light engine market
Energy-efficient lighting systems are required.
Numerous changes have been brought about by the global energy flux in numerous industries. This aspect has also changed academics' attention to the lighting industry, and many of them have developed energy-efficient lighting models. Since LED lighting systems have been demonstrated to be the most effective available, their popularity has increased significantly.
Fluorescent lights and tubes are no longer often used because of how much electricity they use. This element has been crucial to the expansion of the market for LED light engines worldwide.
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Key Market Players included in the report:
Philips Lighting OSRAM Licht Group Fulham Tridonic MaxLite General Electric Company Thomas Research Products Fusion Optix RS Components Zlight Technology SORAA Zhaga Consortium
Regional Analysis: Top countries data covered in this report:
North America (U.S., Canada, Mexico) Europe (U.K., France, Germany, Spain, Italy, Central and Eastern Europe, CIS) Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific) Latin America (Brazil, Rest of L.A.) Middle East and Africa (Turkey, GCC, Rest of Middle East)
How big will the market for LED light engines be in 2031? What are the main driving forces and market obstacles for LED light engines? Who are the top companies selling LED light engines? How has COVID-19 affected the market for LED light engines globally? How fast is the market for LED light engines expected to grow throughout the projection period? Which market category exhibits the highest rate of growth for LED light engines throughout the anticipated period?
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