Market Insights: LED Light Engine Market Projections to 2024

LED Light Engine Market will be valued USD 30.0 billion in 2019 and USD 59.5 billion in 2024, growing at a 14.7% compound annual growth rate.

Pune, 02/08/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The LED Light Engine Market is poised for significant growth, with an expected valuation of USD 30.0 billion in 2019 projected to surge to USD 59.5 billion by 2024, reflecting a robust CAGR of 14.7% during this period. This growth can be attributed to the increasing adoption of energy-efficient lighting solutions across various sectors, driven by the need to reduce energy consumption and lower operational costs. The LED light engine technology offers superior advantages over traditional lighting systems, including longer lifespan, improved luminosity, and enhanced durability. Additionally, the rising demand for smart lighting systems integrated with IoT technologies in residential, commercial, and industrial applications further accelerates the market expansion, positioning the LED light engine market as a critical component in the global shift towards sustainable lighting solutions.

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The market growth of LED Light Engines is significantly influenced by several key factors, including the rising demand for energy-saving lighting systems and the development and modernization of infrastructure, exemplified by smart city initiatives. The availability of low-price LEDs has made energy-efficient lighting more accessible, encouraging widespread adoption. LEDs' entrance as primary light sources in general lighting and the accelerating advancement of LED technology over conventional lighting solutions further drive this market expansion. As LED technology continues to improve in terms of efficiency, cost-effectiveness, and versatility, it solidifies its position as the preferred choice for modern lighting applications.

Luminaires to record highest CAGR in LED Light Engine Market during forecast period

The luminaire subsegment is anticipated to grow at the highest rate within the LED Lighting Market, as it represents the primary component of an LED lighting system. This growth is driven by increasing consumer awareness about the importance of conserving energy and the advantages of installing lighting systems that offer high energy efficiency. As consumers become more conscious of their energy consumption and the benefits of sustainable practices, the demand for energy-efficient luminaires is expected to surge, further propelling the LED Lighting Market.

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Market for retrofit installations to grow at highest CAGR during forecast period

In the LED Light Engine Market, retrofit installations are projected to experience the highest growth by installation type. This surge is primarily driven by the increasing replacement of incandescent lamps with energy-efficient light sources, such as LED lamps. As older generation lamps are phased out, fixtures are increasingly retrofitted with LED lamps due to their longer operational life and lower energy consumption. This shift towards LED retrofit installations significantly contributes to the market's expansion, reflecting a broader trend towards sustainability and energy efficiency in lighting solutions.

Residential indoor lighting applications to dominate LED Light Engine Market in terms of value

The surge in infrastructure-building activities, particularly within the residential sector, is a key driver for the high growth of residential indoor lighting applications. Economies with high per capita income are increasingly adopting energy-efficient lighting solutions for residential use. Countries such as China, the US, Canada, and several European nations, including the UK and Germany, are expected to significantly contribute to the expansion of the residential indoor lighting market for LED Light Engines during the forecast period. This trend reflects a broader commitment to sustainability and energy conservation in high-income economies.

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APAC to hold largest share in overall market for LED Light Engines during forecast period

APAC is anticipated to be one of the fastest-growing markets for LED Light Engines during the forecast period, driven by rapid infrastructure development in the region. China and Japan are leading markets, with China being the largest producer and consumer of lighting fixtures and lamps globally. Despite a recent slowdown in the real estate sector, the LED lighting industry in China is expected to experience significant growth. This is primarily due to increasing government expenditure on public infrastructure and the continuous expansion of commercial and industrial building constructions. These factors contribute to the robust growth prospects for LED Light Engines in the APAC region.

LED Light Engine Companies:

• 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).

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