The LED Light Engine Market has a promising future ahead of it, with significant growth predicted. This market, which was valued at USD 30.0 billion in 2019, is anticipated to grow significantly and reach USD 59.5 billion by 2024. This growth trajectory translates into a noteworthy 14.7% Compound Annual Growth Rate (CAGR) throughout the 2019–2024 projected period.

The study explores a number of market facets, including end-use applications including indoor and outdoor lighting, installation methods encompassing new and retrofit installations, and product kinds such as lamps and luminaires. These forecasts highlight how LED light engines are being more widely used in a variety of industries because to attributes like longevity, energy economy, and improvements in lighting technology.

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The expansion of the LED light engine market is heavily impacted by a number of important variables. First off, as people become more conscious of sustainability and energy efficiency, there is a growing need for energy-efficient lighting systems. Adoption of LED lighting systems is further aided by the continuous infrastructure expansion and modernization, especially in the context of smart city efforts. The affordability of LEDs makes it easier for them to be widely used in a variety of applications. Furthermore, because LEDs outperform conventional lighting technologies in terms of performance and efficiency, their introduction as the main light sources in general lighting applications is changing the market environment. Last but not least, the rapidly expanding market for LED technology is being fueled by its constant improvements and breakthroughs, which are outpacing those of conventional lighting technologies.

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Luminaires to record highest CAGR in LED light engine market during forecast period

Because luminaires are the primary component of an LED lighting system, it is expected that this subsegment of the LED lighting market would develop at the fastest rate. The market for LED luminaires is predicted to grow as customers seek out lighting options with great energy efficiency and grow more conscious of the need of energy conservation. In order to provide effective and efficient lighting in a variety of contexts, including commercial, industrial, and residential locations, luminaires are essential. The market for LED luminaires is expected to increase significantly in the upcoming years due to advances in LED technology that offer improved performance and versatility, as well as an increasing emphasis on sustainability and cost savings.

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

Retrofit installations are expected to increase at the fastest rate in the LED light engine industry. This increase is explained by the growing trend of energy-efficient LED lighting replacing conventional incandescent lamps. The longer operational lifespan and reduced energy usage of LED retrofit solutions are driving the shift away from old-generation lamps. In order to fulfil energy efficiency regulations and lower overall electricity use, there is an increasing need to retrofit existing fixtures with LED bulbs since incandescent lamps are rapidly being phased out. As a result, it is anticipated that retrofit installations will rule the LED light engine industry. These installations provide an economical and environmentally friendly way to upgrade lighting systems in a variety of commercial, industrial, and residential settings.

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Residential indoor lighting applications to dominate LED light engine market in terms of value

The market for LED light engines is witnessing a remarkable expansion in the end-use application of residential indoor lighting, primarily due to the spike in infrastructure construction in the residential sector. In order to satisfy sustainability targets and cut down on electricity use, countries with higher per capita incomes are leading the way in the adoption of energy-efficient lighting solutions, especially in residential settings. In the near future, it is anticipated that major economies like China's, the US, Canada's, and many European nations like Germany and the UK would propel significant expansion in the residential interior lighting market for LED light engines.

APAC to hold largest share in overall market for LED light engines during forecast period

In the upcoming years, the Asia-Pacific (APAC) area is expected to become one of the LED light engine markets with the fastest rate of growth. Its noteworthy growth trajectory is mostly the result of the region's coordinated efforts towards large-scale infrastructure development projects. APAC offers great potential for the widespread use of LED light engines, with China and Japan at the forefront. China, in particular, is the world's biggest manufacturer and consumer of lights and lighting fixtures. The LED lighting market in China is expected to grow rapidly despite a recent slowdown in the real estate sector. This growth will be supported by significant government investments in public infrastructure projects as well as the ongoing expansion of commercial and industrial building construction throughout the region.

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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