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Increasing Significance of Light Engine in Automotive Industries to Expand the Market
The global market for light engine is significantly growing with the increasing
partnership among various players in the market, as per the analysis done by
Transparency Market Research (TMR). The increasing popularity of light emitting
diode (LED) and its wide adoption is the major factor boosting the light engine
market. The use of LED reduces that cost and energy, which is not the case with
conventional lighting systems, is increasing the demand for light engine market. The
major players in the market are making are using various marketing strategies,
carrying out mergers and acquisitions, and building partnerships that will definitely
enhance the light engine market at an international level. Some of the key players in
the light engine market include General Electric Company, Philips Lighting Holdings
B.V., Thomas Research Products, OSRAM Licht Group, Fulham Co. Inc., Tridonic,
Fusion Optix, Inc., RS Components Pty Ltd., Cree Inc., and MaxLite Inc.
According to the TMR analysis, the global light engine market is projected to expand
at 9.61% CAGR during the forecast period from 2018 to 2026. The valuation during
this period is estimated to increase from US$ 2.53 bn in 2016. Under the application
category, commercial segment is expected to lead the market with increased
percentage of CAGR. Moreover, increasing adoption of linear light engine as a form
of LED lighting in most of the households will boost the market in coming years.
Geographically, North America leads the market with higher adoption of LED lights
with improved technology. Moreover, having large number of players adding
innovative solutions for light engine will further boost the market in this region.
Get PDF Sample for Detailed Analysis of this Research @
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=41897
Higher Usage of LEDs to Boost the Market for Light Engine
The adoption of LED lights have increased massively at international level and
majorly in the emerging economies. The use of flexible light engines is highly seen in
residential and commercial areas that will significantly boost the market for light
engine during the forecast period. Moreover, rigid light engine are also highly used
in horticulture and in automotive industries. LEDs are also used in streetlights, which
will also certainly boost the demand for light engine market. Favorable government
regulations will further fuel the global market for light engine during the forecast
tenure.
Additionally, government of emerging economies mainly in India, China and Japan
are making constant efforts and encouraging its people to use more of LEDs lightings
on regular bases. In 2017, Street Light National Program initiated by Indian
government, in which they installed approx. twenty-one lakh LED lights across
nation. Thus, initiatives like this will trigger the demand to use LED light and
significantly boost the market for light engine market globally.
Download Report TOC for in-depth analysis @
https://www.transparencymarketresearch.com/report-toc/41897
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