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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“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.
Other players operating in the 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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