Light Engine Market Trends
Growth Drivers
- Growing Demand for Energy-Efficient Lighting Systems- The increasing use of energy-efficient lighting in the vehicle business players has upped their attempts in recent years to create consciousness about energy efficiency.
- Reduction in the Price of LED Lights Around the World- According to the latest Energy.Gov data, lighting constitutes around 15% of a typical home's electrical consumption, and utilizing LED lighting lowers the average household approximately USD $225 in energy bills per year globally.
- Rising Urbanization Globally- Growing urbanization has culminated in technological innovation, which provides cutting-edge technology and goods to consumers and enterprises. LEDs mounted on a board are analogous to light engines. Between 2010 and 2021, the pace of urbanization in the United States accelerated by around 20%.
- Increasing Adoption of Advanced Technologies- The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial intelligence (AI), amongst other things, has considerably boosted the economy during the previous two decades. As of April 2021, there had been over 4.5 billion active internet users worldwide.
Challenges
- ·High Availability of Alternative Technologies
- ·High Cost of the Light Engine
Since the previous few years, light-emitting diode devices have grown in popularity. The initial cost of one of the units of these type of diode system, however, is substantially higher than the present CFL lighting system.
- Lack of Awareness Related to the Installation Costs
Light Engine Market: Key Insights
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
14.3% |
|
Base Year Market Size (2024) |
USD 116.24 billion |
|
Forecast Year Market Size (2037) |
USD 660.63 billion |
|
Regional Scope |
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