LED Light Engine Market Share, Demand, Driving Factors and Forecast 2024


“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.

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 - https://www.marketsandmarkets.com/Market-Reports/led-light-engine-market-16450611.html

Comments

Post a Comment

Popular posts from this blog

Trends Shaping the Environmental Test Chambers Market

The   Environmental Test Chambers Market Size  is expected to rise steadily; estimates show that it will reach USD 938 million by 2024 from USD 842 million in 2019, a compound annual growth rate (CAGR) of 2.18%. The most recent market research report outlines this growth trajectory and highlights the several variables that are driving this expansion. A variety of industrial verticals, including aerospace and defence, automotive, telecommunications, and electronics, are served by the market's segmentation based on type, which includes temperature and humidity chambers, customised chambers, and thermal shock chambers. Over the course of the forecast period, factors like strict regulatory requirements, rising need for dependable testing solutions, and technical developments in environmental testing equipment are anticipated to drive market expansion. Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107895228 The environmental test chambers market is pro
Read more

Microwave Revolution: Unraveling the Monolithic Microwave IC Market

Image
The   Monolithic Microwave IC Market  showed strong growth, reaching a worth of USD 9.7 billion in 2022 and expected to reach USD 17.0 billion by 2027. It is anticipated that the market would expand at a notable compound annual growth rate (CAGR) of 11.9% from 2022 to 2027. This growth trend shows how Monolithic Microwave Integrated Circuits (MMICs) are becoming more and more popular in a variety of industries. MMICs are essential parts of applications like consumer electronics, aircraft, defence, and telecommunications because of their small size and excellent performance at microwave frequencies. Technological developments, the growing need for high-frequency communication systems, and the extensive use of MMICs in developing technologies are the main factors propelling the market's growth. The MMIC market is expanding significantly due to a number of important factors. The smartphone industry is a major trigger for the spike in demand for Monolithic Microwave Integrated Circuits
Read more

Innovation Unleashed: RF Gallium Nitride Market Role in Emerging Technologies

Image
With a projected value of USD 2.8 billion by 2028, the global   RF Gallium Nitride (GaN) Market   is expected to experience substantial expansion from its estimated USD 1.3 billion in 2022. Over the course of the projected period, this forecast indicates a strong Compound Annual Growth Rate (CAGR) of 12.9%. The growing use of RF GaN devices in aerospace, defence, and military applications is driving up demand for them. GaN's commercial appeal is further enhanced by its appropriateness for Radio Frequency (RF) applications, which propels its wider adoption. With the growing need for sophisticated and high-performing RF semiconductor devices, the RF GaN Market is leading the way and is expected to grow significantly in the upcoming years.  Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=183000597   Sumitomo Electric Device Innovations, Inc. (Japan), Qorvo, Inc. (US), WOLFSPEED, INC. (US), NXP Semiconductors (Netherlands), MACOM (US), Infineon Technolo
Read more