The LED light engine market is expected to be valued at USD 30.0 billion in 2019 and is anticipated to reach USD 59.5 billion by 2024 growing at a CAGR of 14.7% from 2019 to 2024. Key factors influencing the market growth are increasing demand for energy-efficient lighting systems; modernization and development of infrastructure, for example, smart cities, which leads to the implementation of lighting systems based on IoT; reduction in the price of LEDs; penetration of LEDs as light sources in general lighting; and rapid growth of LED technology over conventional lighting technology.
“Luminaires to dominate LED light engine market (in terms of value) during forecast period”

The luminaires subsegment is expected to dominate the market for LED light engines 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 light engine market for luminaires. LED light engines come in various forms, such as linear, round, square and rectangular, depending upon the application. LED light engine is the core component of a luminaire.

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“Indoor lighting to hold largest share of LED light engine market during forecast period”

In the LED light engine market, by end-use application, indoor lighting is expected to have a larger market share than outdoor lighting. The reason being increasing infrastructural activities across the globe, mainly focused on residential lighting. The LED light engine market for residential buildings (major subsegment of indoor lighting) is expected to have a huge potential in the future. It is expected to witness a high growth rate. Countries across the globe are expected to implement energy-efficient lighting solutions in residential applications owing to government regulation for energy conservation.
“Market for retrofit installations to grow at highest rate during forecast period”

In the LED light engine market, by installation type, retrofit installations are expected to experience the highest growth. Increasing replacement 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. The old generation lamps are being slowly phased out and fixtures are being retrofitted with LED lamps as they offer a longer operational life and also consume lesser energy.
“Market in APAC to hold a significant share during forecast period”

The increased construction activities in APAC are contributing significantly to the growth of the LED light engine market in the region. There are several new opportunities for energy-efficient lighting in the next few years as about 200 million homes are expected to be constructed in China and 18 million homes in India. Countries, such as China, Japan, and India are also impacting the market significantly in APAC. However, the factors supporting the growth in the region are the rise in initiatives by governments of the countries in the region, encouraging the population to use LED lightings. Such efforts are anticipated to boost the light engine market in the APAC region. Nevertheless, the rise in population in China, coupled with the adoption of LEDs, is likely to play a major role in the market growth. China is already the largest producer and consumer of lighting fixtures and lamps in the world.

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