LED Light Engine Market Development Trends and Growth 2024

Posted December 8, 2022 by avinashgogawale14

The LED Light Engine Market is anticipated to grow from USD 30.0 billion in 2019 to USD 59.5 billion by 2024, with a CAGR of 14.7%.
The LED Light Engine Market is anticipated to be valued at USD 30.0 billion in 2019 and to reach USD 59.5 billion by 2024, growing at a CAGR of 14.7% from 2019 to 2024, according to a new market research report, "LED Light Engine Market by Product Type (Lamps and Luminaires), Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), and Geography - Forecast to 2024," published by MarketsandMarketsTM. Key factors influencing the market growth for LED light engines include the increasing demand for energy-efficient lighting systems, infrastructure development and modernization, such as smart cities, the availability of inexpensive LEDs, their introduction into general lighting, and the rapid advancement of LED technology relative to conventional lighting technology.

Luminaires will see the market's greatest CAGR for LED light engines over the forecast period.

Due to its importance as the foundation of an LED lighting system, the luminaire subsegment is anticipated to expand at the fastest rate. The market for LED lighting luminaires is anticipated to grow as consumer awareness of energy conservation and the installation of high energy efficiency lighting systems rises.
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During the projected period, the market for retrofit installations will have the greatest CAGR.

By installation type, retrofit installations are anticipated to increase at the fastest rate in the LED light engine market. The main driver of the market growth for retrofit installations for LED light engines is the rising replacement of incandescent lights with energy-efficient light sources, such as LED lamps. As LED bulbs offer a longer operational life and use less energy, the older generation lamps are gradually being replaced in fixtures.

The market for LED light engines will be dominated by residential indoor lighting applications in terms of value.

The primary driver driving the rapid expansion of the residential interior lighting end-use application is an increase in infrastructure-building activities, a significant portion of which is in the residential sector. Energy-efficient lighting systems are likely to be used in residential applications in countries with high per capita incomes. During the forecast period, nations like China, the US, Canada, and European nations like the UK and Germany are anticipated to lead the residential indoor lighting market for LED light engines.

During the projected period, APAC will account for the biggest share of the global market for LED light engines.

During the projected period, APAC is anticipated to be one of the fastest expanding markets for LED light engines. The region's quick infrastructure construction efforts can be blamed for the high growth rate. The two biggest markets in APAC for LED light engines are China and Japan. China is already the world's largest manufacturer and consumer of lights and lighting fixtures. Despite the recent slowdown in the real estate market, the market for LED lighting is predicted to expand rapidly, largely as a result of rising government spending on public infrastructure and the ongoing growth in the construction of commercial and industrial buildings.

Signify Lighting NV (Netherlands), OSRAM Licht AG (Germany), GE lighting (US), Cree, Inc. (US), Hubbell Inc. (US), Zumtobel Group AG (Austria), Wipro Enterprises (P) Ltd. (India), Samsung Electronics (South Korea), LG Innotek (South Korea), Legrand SA (France), Glamox AS (Norway), and Lutron Electronics Co., Inc. (US).

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Last Updated December 8, 2022