LED Light Engine Market: Key factors influencing the market growth

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.

“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.

Key Market Players

The LED light engine market is currently dominated by 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. A few of the major strategies adopted by these players to compete in the LED light engine market, include product launches & developments, partnerships, and mergers & acquisitions. 

Other players operating in the LED light engine market are LEDVANCE GmbH (Germany), Acuity Brands, Inc. (US), Seoul Semiconductors (South Korea), TRILUX Lighting (Germany), LUMITECH (Austria), SDA Lighting (US), AB Fagerhult (Sweden), Gerard Lighting (Australia), Helvar (Finland), LEDRAbrands (US), and Halla, a.s. (Czech Republic). These players have adopted several strategies, such as product developments & launches, mergers & acquisitions, and partnerships and collaborations to grow in the LED light engine market. 

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