LED Light Engine Market Research & Development 2024

Posted July 7, 2022 by avinashgogawale14

The LED Light Engine Market is estimated to be worth USD 30.0 billion in 2019 and USD 59.5 billion by 2024, rising at a CAGR of 14.7% throughout that period.
The LED Light Engine Market is estimated to be worth USD 30.0 billion in 2019 and USD 59.5 billion by 2024, rising at a CAGR of 14.7% throughout that period. 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.

Key Players

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), Lutron Electronics Co., Inc. (US), and others dominated the LED Light Engine Market.

"Luminaires will have the highest CAGR in the LED Light Engine Market during the forecast period."

As the main component of an LED Lighting System, the luminaire subsegment is expected to grow at the fastest rate. Increasing consumer awareness about energy conservation and the installation of energy-efficient lighting systems is expected to boost the LED Lighting Market for luminaires.

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"The market for retrofit installations will grow at the fastest CAGR during the forecast period."

Retrofit installations are expected to grow the most in the LED Light Engine Market by installation type. The increasing replacement of incandescent lamps with energy-efficient light sources, such as LED lamps, is a major factor driving the growth of the market for LED Light Engine retrofit installations. Older generation lamps are gradually being phased out, and fixtures are being retrofitted with LED lamps, which have a longer operational life and use less energy.

"In terms of value, residential indoor lighting applications will dominate the LED Light Engine Market."

The increase in infrastructure-building activities, a large portion of which is in the residential sector, is the primary factor driving the rapid growth of the residential indoor lighting end-use application. Energy-efficient lighting solutions in residential applications are expected to be implemented in economies with high per capita income. During the forecast period, countries such as China, the United States, Canada, and European countries such as the United Kingdom and Germany are expected to drive the residential indoor lighting market for LED Light Engines.

"During the forecast period, APAC will hold the largest share of the overall market for LED Light Engines."

During the forecast period, APAC is expected to be one of the fastest-growing markets for LED Light Engines. The rapid growth rate can be attributed to the region's rapid infrastructure-building activities. APAC's major markets for LED Light Engines are China and Japan. China is already the world's largest producer and consumer of lighting fixtures and lamps. Despite the recent real estate slowdown, the market for LED lighting is expected to grow rapidly, owing primarily to increased government spending on public infrastructure and continued growth in commercial and industrial building construction.

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Tags led light engine market
Last Updated July 7, 2022