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",
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. Rising demand for energy-saving lighting systems; development
and modernization of infrastructure, for example, smart cities;
availability of low price LEDs; the entrance of LEDs as light sources
in general lighting; and accelerating growth of LED technology over
conventional lighting technology are key factors influencing the market
growth of LED light engines.
“Luminaires to record highest CAGR in LED light engine market during forecast period”
The luminaire subsegment is expected to grow at the
highest rate 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
lighting market for luminaires.
“Market for retrofit installations to grow at highest CAGR during forecast period”
In the LED light engine market, by installation type,
retrofit installations are expected to experience the highest growth.
Increasing replacements 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 for LED light engines.
The old generation lamps are being slowly phased out and fixtures are
being retrofitted with LED lamps as they offer longer operational life
and consume less energy.
“Residential indoor lighting applications to dominate LED light engine market in terms of value”
Increase in infrastructure-building activities, a
large chunk of which is the residential sector, is the major factor
contributing to the high growth of the residential indoor lighting
end-use application. Economies with high per capita income are expected
to implement energy-efficient lighting solutions in residential
applications. Countries, such as China, the US, Canada, and European
countries, including the UK and Germany, are expected to drive the
residential indoor lighting market for LED light engines during the
forecast period.
“APAC to hold largest share in overall market for LED light engines during forecast period”
APAC is expected to be one of the fastest-growing
markets for LED light engines during the forecast period. The high
growth rate can be attributed to the undertaking of rapid
infrastructure-building activities in the region. China and Japan are
the major markets for LED light engines in APAC. China is already the
largest producer and consumer of lighting fixtures and lamps in the
world. Despite the recent slowdown in real estate, the market for LED
lighting is expected to grow at a high rate mainly because of the
increasing government expenditure on public infrastructure, and the
continuing growth in commercial and industrial building constructions.
In 2018, the LED light engine market was dominated by
key players, such as 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), among
others.
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