The LED light engine market is expected to be valued at USD 30.0 billion
in 2019 and is anticipated to reach USD 59.5 billion by 2024 growing at
a CAGR of 14.7% from 2019 to 2024. Key factors influencing the market
growth are increasing demand for energy-efficient lighting systems;
modernization and development of infrastructure, for example, smart
cities, which leads to the implementation of lighting systems based on
IoT; reduction in the price of LEDs; penetration of LEDs as light
sources in general lighting; and rapid growth of LED technology over
conventional lighting technology.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
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USA : 1-888-600-6441
“Luminaires to dominate LED light engine market (in terms of value) during forecast period”
The luminaires subsegment is expected to dominate the market for LED light engines as it is the main component of an LED lighting
system. Increasing consumer awareness about conserving energy and
installing light systems with high energy efficiency is expected to
boost the LED light engine market for luminaires. LED light engines come
in various forms, such as linear, round, square and rectangular,
depending upon the application. LED light engine is the core component
of a luminaire.
“Indoor lighting to hold largest share of LED light engine market during forecast period”
In the LED light engine market, by end-use
application, indoor lighting is expected to have a larger market share
than outdoor lighting. The reason being increasing infrastructural
activities across the globe, mainly focused on residential lighting. The
LED light engine market for residential buildings (major subsegment of
indoor lighting) is expected to have a huge potential in the future. It
is expected to witness a high growth rate. Countries across the globe
are expected to implement energy-efficient lighting solutions in
residential applications owing to government regulation for energy
conservation.
“Market for retrofit installations to grow at highest rate during forecast period”
In the LED light engine market, by installation type,
retrofit installations are expected to experience the highest growth.
Increasing replacement of incandescent lamps with energy-efficient light
sources, such as LED lamps is the major factor contributing to the
growth of the market for retrofit installations. The old generation
lamps are being slowly phased out and fixtures are being retrofitted
with LED lamps as they offer a longer operational life and also consume
lesser energy.
“Market in APAC to hold a significant share during forecast period”
The increased construction activities in APAC are
contributing significantly to the growth of the LED light engine market
in the region. There are several new opportunities for energy-efficient
lighting in the next few years as about 200 million homes are expected
to be constructed in China and 18 million homes in India. Countries,
such as China, Japan, and India are also impacting the market
significantly in APAC. However, the factors supporting the growth in the
region are the rise in initiatives by governments of the countries in
the region, encouraging the population to use LED lightings. Such
efforts are anticipated to boost the light engine market in the APAC
region. Nevertheless, the rise in population in China, coupled with the
adoption of LEDs, is likely to play a major role in the market growth.
China is already the largest producer and consumer of lighting fixtures
and lamps in the world.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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