German lighting manufacturer Osram Licht will be facing more challenges in 2014 as the company restructures its lighting business, according to a report by Reuters.

Osram said it will segment its Lamps and Components business, which makes up half of its revenues to traditional lamps and LEDs during a recent investor conference call.

The world number two lighting manufacturer has already axed thousands of jobs as part of its business restructure to meet the technological shift from conventional light bulbs to LEDs and other emerging technologies.

A shrinking traditional luminaire market has pushed Osram's lamp business down by 7.4 percent in its fiscal quarter to end of December. The company has seen continual declines during the first two months of the second quarter.

However, the company optimistically forecasted group revenue growth will reach about three percent this year.