The North America LED Light Engine Market would witness market growth of 13.4% CAGR during the forecast period (2021-2027).
The light engine that is often considered as LED in traditional lighting, has evolved in a whole new way due to the shifting demand of consumers as urbanization is on the peak. The massive popularity of the LED among commercial and residential places is among the major factors fueling the demand in the light engine market. In the last few years, the constant focus on implementing LED light engines and modules has been majorly increased owing to the growing environmental & energy regulations. The rising awareness among consumers regarding the importance of saving energy and costs in the utilization of electricity would augment the growth of the LED light engine market. The trend among manufacturers to develop more flexible products is contributing to the growth of the market.
The increased awareness among the population regarding the usage of energy-efficient lighting products would create lucrative opportunities for the key market players in this region. In addition, the growing usage of the LED light engine in various areas like residential, commercial, and industrial places would spur the demand for the product in this region. The presence of various key players along with the big corporate houses is creating the demand for LED light engines across this region.
Moreover, the strong infrastructure of the nations present in the regions is opening new growth avenues for the LED light engine manufacturers in this region. Additionally, people in this region are spending more on environment friendly products, which is estimated to contribute to the high demand for LED light engines in the region during the forecast period.
The US market dominated the North America LED Light Engine Lamp Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5,647.7 million by 2027. The Canada market is experiencing a CAGR of 16.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 15.5% during (2021 - 2027).
Based on Product Type, the market is segmented into Luminaire and Lamp. Based on Installation Type, the market is segmented into New Installation and Retrofit Installation. Based on Application, the market is segmented into Indoor and Outdoor. Based on End User, the market is segmented into Commercial, Industrial and Residential. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global LED Light Engine Market is Estimated to Reach USD 66.6 Billion by 2027 at a CAGR of 13.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Signify N.V., OSRAM GmbH (AMS AG), LEDRAbrands, Inc., Hubbell Incorporated, Zumtobel Group AG, Samsung Electronics Co., Ltd. (Samsung Group), Acuity Brands Lighting, Inc., Lumitech LLC, Lutron Electronics Co., Inc., and Glamox AS
By Product Type
By Installation Type
By Application
By End User
By Country
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