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 lighti...