San Francisco, CA -- (SBWIRE) -- 07/09/2019 -- The demand within the global LED light engine market has been expanding on account of advancements in the field of energy-efficient lighting systems. The presence of a growth-oriented energy sector has played a vital role in popularising LEDs, and this is a key dynamic of growth within the global LED light engine market. Several improvements in the domain of electronics and semiconductors have come to the fore in recent times. These advancements have directly influenced the growth of the global LED light engine market. New technologies for mounting LED chips on light engines have emerged over the past decade. This factor has led to increase in the volume of annual manufacturing of light engines. The total amount of revenues that would be generated within the LED light engine market could surpass all previous marks. Light engines are considered to be LED lamps that come in handy for a range of applications.
The LED light engine market is projected to attract voluminous investments from key stakeholders and venture capitalists. This is because LED-based systems are in great popularity across the world, and this shall be a strong driver of demand for the masses. Henceforth, it is safe to predict that the global LED light engine market is plush with opportunities for growth. Furthermore, regional governments have also directed funds towards the generation of an energy-efficient lighting sector. This factor shall also play a quintessentially vital role in the growth of the global LED light engine market.
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The global LED light engine market can be segmented on the basis of the following parameters: product type, installation type, end-use application, and region. The forces operating in the LED light engine can be duly understood by delving into the aforementioned segments.
Global LED Light Engine Market: Notable Developments
The global LED light engine market has traced the following key developments in recent times:
Osconiq S3030 LED launched by OSRAM was manufactured with the intent to provide high-quality and durable lighting systems. The introduction of this LED light engine helped the OSRAM in achieving their annual sales goals for the launch year
GreenPower LEDs were introduced by Philips Lighting, commonly known as Signify, in the year 2018. The new addition to the company's product portfolio helped them in expanding their consumer base to new regions.
Some other prominent players in the global LED light engine market are TRILUX Lighting (Germany), SDA Lighting (US), LUMITECH (Austria), AB Fagerhult (Sweden), Helvar (Finland), Gerard Lighting (Australia), and LEDRAbrands (US).
Global LED Light Engine Market: Growth Drivers
Need for Energy-Efficient Lighting Systems
The global energy flux has led to several transformations across a multitude of industries. This factor has also shifted the radar of focus on the lighting sector, and several researchers have come up with energy-efficient lighting models. LED lighting systems have been proved as the most efficient of systems, and this factor has played a key role in market growth.
Obsoleteness of Fluorescent Tubes
The use of fluorescent bulbs and tubes has run out of practice due to their high-electricity consumption. This factor has played a vital role in the growth of the global LED light engine market.
Global LED Light Engine Market: Regional Outlook
On the basis of geography, the global LED light engine market has been segmented into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. The LED light engine market in North America is expanding on account of complete overhauling within the energy sector.
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