LED Modules and Light Engines Market

LED Modules and Light Engines Market Outlook (2023 to 2033)

The global LED modules and light engines market is expected to be valued at USD 43,744.4 million in 2023. LED modules and light engine market has gained traction recently due to its industrial and residential-sector applications. LED modules and Light Engines have LED on printed circuit boards and driver IC, respectively.

The overall demand for LED Modules and Light Engines is projected to grow at a CAGR of 11.3% between 2023 and 2033, totaling around USD 127,987.7 million by 2033.

Data Points	Key Statistics
LED Modules and Light Engines Market Value 2023	USD 43,744.4 million
LED Modules and Light Engines Market Projected Value (2033)	USD 127,987.7 million
LED Modules and Light Engines Market CAGR (2023 to 2033)	11.3%

LED Modules and Light Engines Demand Analysis (2018 to 2022) vs. Market Outlook (2023 to 2033)

From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 10.2%. The primary and foremost feature for the use of LED modules and light engines over its straight competitors like light bulbs is that LED modules and light engines are easy to manufacture, more efficient, and provide more reliable products than its straight competitors.

LED modules and light engines market gained hype due to the boom in the LED TV market and monitor backlight market. Some other markets that contribute to the growth of LED modules and light engine market are cell phone flash, architectural lighting, and automobile lighting. The overall demand for LED modules and light engines is projected to grow at a CAGR of 11.2% between 2023 and 2033, totaling around USD 115,729.3 Million by 2033.

Demand From Various Industries Likely to Augment LED Modules and Light Engines Sales

With the increasing adoption of smart/connected lighting and LED luminaires and lamps in different sectors, LED modules and light engines are 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 used in these sectors and in broad sectors like commercial, residential, industrial, and outdoor sectors, making it a vast market with several opportunities. Moreover, the decline in prices and an improved light quality and flexibility provided by LED modules and light engines drive its growth in the market.

Technical Issues Pertaining to LED modules and light engines to Impede the Growth

The major challenge faced by the LED modules and light engines market is that it plays by the rules of one company. The other competitors report that the market is closed due to specifications followed by just one company, making it a closed manufacturer's 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 the LED modules and light engines market.

Region-wise Insights

Increasing Adoption of LEDs Driving Market Growth in North America

The North America LED modules and light engines market is expected to accumulate a market share of 22.1% in 2023. North America is expected to dominate during the forecast period owing to the adoption of LEDs and applications, including LEDs on a common utility purpose by several industries.

Europe LED Modules and Light Engines Market

Demand from Residential and Architectural Segments to Boost Market Growth in Europe

The European region is anticipated to be one of the leading LED modules and light engine markets, with a share of 18.9%. European countries are implementing LED Lights technologies in residential and architectural segments, and such a high adoption of LED Lights is most visible in countries including the UK, France, Germany, and Italy.

Startups Ecosystem in the LED Modules and Light Engines Market

Some key players in the LED Modules and Light Engines market are Nanoleaf, EcoSense Lighting, Lumenpulse, LIFX, Urban Gro and many more.

• Nanoleaf LED light bulbs are an energy-efficient light bulb that operates at almost double the efficiency of any other bulb. The bulbs can be adjusted by a standard power switch (no need for changes to the existing power switch) and without the need to connect to Wi-Fi or a smartphone. The bulb uses LEDs, which help improve brightness while reducing power draw and waste heat output.
• Urban Gro provides lights and other infrastructure for the cannabis cultivation industry. It offers LED Grow lights for the cannabis and horticulture industries. It also supplies integrated pest management solutions such as pesticides, biocontrol programs, pesticide applicators, and air sanitizers. It also delivers automated fertigation and irrigation solutions and a substrate solution named Batch 64 and provides water treatment solutions for commercial greenhouses of cannabis cultivation.
• Nora Lighting is a startup company creating new LED modules and engines that are more energy-efficient and cost-effective than existing LED goods. Nora Lighting is backed by a team of seasoned engineers and entrepreneurs, and their creative products have already won multiple honors.
• Ayoola LED: Ayoola LED is a startup firm that is developing new LED modules and light engines that are more environmentally friendly and sustainable. Ayoola LED uses recycled materials in their products and is dedicated to lowering their carbon footprint. Ayoola LED has already received many orders from big stores and is swiftly establishing itself as a market leader in the sustainable LED sector.
• LumenSky: LumenSky is a startup that is developing new LED modules and light engines that are more immersive and interactive. LumenSky's products use proprietary software to provide dynamic lighting effects that consumers may customize. LumenSky has already formed alliances with numerous large entertainment firms, and they are prepared to change how we perceive light.

Leading Players in the LED Modules and Light Engines Market

Prominent players in the LED Modules and Light Engines market are Philips Lumileds, Cree, Osram Opto, GE, Everlight, Nichia, Sharp, Toyoda Gosei, Samsung LED, Seoul Semiconductor, LG Innotek, and various other regional manufacturers.

• In October 2021, LUXTECH rolled out Fingerboard – a family of four versatile area LED modules. By pushing the latest lighting technology and manufacturing exceptionally built modules with the utmost customer care, LUXTECH believes that they can elevate illumination to foster a better world. The constant current static white (CC Batwing) module is even integrated with wide-angle batwing optics to minimize the required diffuser depth. It is available in all colors, including Static white (featuring integrated wide-angle batwing optics to minimize required diffuser depth), RGB, RGBW, and Tunable White. Fingerboards can be cut to fit any shape and size.
• Cree: Cree is a prominent manufacturer of LED components that has recently invested considerably in LED modules and light engines. Cree introduced its new XLamp XP-E3 LED in 2022, which is a high-power LED suitable for several applications, such as automotive lighting and industrial illumination. Cree also works on new LED modules and light engines for energy-efficient lighting solutions.
• Seoul Semiconductor is a significant provider of LED components with a strong position in the Asian LED modules and light engines markets. Seoul Semiconductor will unveil its new Acrich Gen3 LED in 2022, a high-efficiency LED built for various applications, such as general illumination and automotive lighting. Seoul Semiconductor works on new LED modules and light engines for low-cost lighting solutions.
• LG Innotek: A subsidiary of LG Electronics, LG Innotek is a prominent provider of LED modules and light engines for the automotive sector. LG Innotek will unveil its new vehicle LED modules in 2022, which are intended for various applications such as headlights, taillights, and interior lighting. LG Innotek is also working on new LED modules and light engines for next-generation car lighting systems.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 11.3% from 2023 to 2033
Market Value in 2023	USD 43,744.4 million
Market Value in 2033	USD 127,987.7 million
Base Year for Estimation	2023
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in USD million and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Form Factor, Application, Region
Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East and Africa (MEA)
Key Countries Profiled	USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel
Key Companies Profiled	Philips; Lumileds; Cree; Osram Opto; General Electric Company; Everlight; Nichia; Sharp Corporation; Toyoda Gosei; Samsung LED; Seoul Semiconductor; LG Innotek
Customization	Available upon Request

Key Segments Covered in the LED Modules and Light Engines Industry Analysis

By Application:

• For Commercial Applications
• For Residential Applications
• For Industrial Applications

By Form Factor:

• For Downlights
• For Troffers
• For High Bays and Street Lights

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Frequently Asked Questions

How Big is the LED Modules and Light Engines Market?

The market is valued at USD 43.7 billion in 2023.

Who are the Key Market Players?

Philips, Lumileds, and Cree are the key market players.

How is the Historical Performance of the Market?

The market registered a CAGR of 10.2% between 2018 and 2022.

What Opportunities Await the Market Players?

Rising adoption of smart/connected lighting to boost growth.

How big will the LED Modules and Light Engines Market by 2033?

The market is expected to be worth USD 127.9 billion in 2033.