Illuminating Insights: Inside the $59.5 Billion LED Light Engine Market
According to forecasts, the LED Light Engine Market is expected to develop at a robust 14.7% CAGR from 2019 to 2024, when it is expected to reach USD 59.5 billion from USD 30.0 billion in 2019. A new market research report lists numerous important aspects that are responsible for this industry rise. The market is divided into lights and luminaires according to product type in the report, and installations are classified as either new or retrofit. End-use applications cover lighting solutions for both indoor and outdoor environments. The anticipated growth indicates how LED technology is becoming more widely used in a variety of industries due to its advantages for the environment, energy efficiency, and longer lifespan. The market demand is also supported by government initiatives that promote energy-efficient lighting systems.
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There are multiple important elements driving the growth of the LED light engine industry. First, as environmental awareness and energy-efficiency regulations grow, there is a growing need for energy-efficient lighting systems. The adoption of LED lighting solutions is also being fueled by the continuous growth and upgrading of infrastructure, especially in the context of smart city efforts. Additionally, the affordability of LEDs has increased their accessibility for both enterprises and consumers, promoting their wider use. Furthermore, conventional lighting technologies are gradually being replaced by LEDs as viable light sources for general lighting applications. Further propelling market expansion is the quick speed at which LED technology is developing, providing better performance and efficiency than traditional lighting alternatives.
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Luminaires to record highest CAGR in LED light engine market during forecast period
Because luminaires are the main component of LED lighting systems, the luminaire subsegment of the LED lighting industry is expected to increase significantly. The demand for LED lighting for luminaires is predicted to soar as customers prioritise energy conservation more and look for lighting options with great energy efficiency. More people and businesses are choosing LED luminaires to suit their lighting needs while minimising energy consumption and decreasing environmental impact as knowledge of sustainable practices and energy-efficient technologies grows. The market expansion in this particular subsegment is being propelled by the transition towards LED luminaires, which highlights the significance of energy efficiency and sustainability in the current lighting environment.
Market for retrofit installations to grow at highest CAGR during forecast period
Retrofit installations in the LED light engine market are expected to rise significantly because to the growing trend of switching from incandescent to more energy-efficient LED lamps. The necessity to replace antiquated lighting systems with more economical and environmentally friendly options is what is driving this trend towards retrofit installations. A developing trend is to retrofit older fixtures with LED bulbs, as incandescent lamps are being phased out due to their lower lifespan and inefficiency. LED lights are an attractive option for households and organisations looking to cut operating expenses and energy usage because they not only have a longer operational life but also use a lot less energy.
Residential indoor lighting applications to dominate LED light engine market in terms of value
One of the main factors driving the fast growth of the residential interior lighting market for LED light engines is the increase in infrastructure construction, especially in the residential sector. There is an increased need for indoor lighting solutions that are economical and energy-efficient because residential development projects account for a large percentage of infrastructure-building activity. Advanced lighting technologies are predicted to be used in residential settings at a faster rate in economies with high per capita income levels. Notably, throughout the forecast period, nations like China, the US, Canada, and many European countries like the UK and Germany are expected to emerge as significant contributors to the growth of the residential interior lighting market for LED light engines.
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APAC to hold largest share in overall market for LED light engines during forecast period
As the LED light engine market continues to grow at a rapid pace, APAC is expected to experience significant growth over the course of the forecast period. The demand for sophisticated lighting solutions is being fueled by the region's enormous infrastructure development endeavours, which are the main cause of this spike. Powerhouse economies like China and Japan, which are important markets for LED light engines, are leading the way in APAC. Notably, China leads the world in both lamp and lighting fixture manufacturing and consumption. The LED lighting market in China is expected to continue growing strongly despite recent slowdowns in real estate activity. Significant government investments in public infrastructure projects, along with continued expansion in commercial and industrial development activity throughout the region, provide as the foundation for this resilience. When taken as a whole, these developments paint APAC's LED light engine market landscape as dynamic and quickly changing, offering industry participants rich potential in the years to come.
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.
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