LED Light Engine Market Overview, Application and Forecast 2024

1
MarketsandMarkets Presents
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.
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.
2
MarketsandMarkets Presents
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. Get PDF Brochure _at_
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3
MarketsandMarkets Presents
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.
4
MarketsandMarkets Presents
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.
5
MarketsandMarkets Presents
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.
6
MarketsandMarkets Presents
Key Players 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. Browse For More Details -
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MarketsandMarkets Presents
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