DUBLIN — The “LED Light Engine Market by Product Type (Lamps and Luminaires), Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), and Geography – Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
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.
Rising demand for energy-saving lighting systems; development and modernization of infrastructure, for example, smart cities; availability of low price LEDs; entrance of LEDs as light sources in general lighting; and accelerating growth of LED technology over conventional lighting technology are key factors influencing the market growth of LED light engines.
Luminaires to record highest CAGR in LED light engine market during forecast period
The LED light engine market for luminaires is expected to grow at the highest CAGR as luminaires hold the major market share in the LED lighting system. Increasing consumer awareness about conserving energy and installing lighting systems with high energy efficiency is expected to boost the LED lighting market for luminaires, which in turn is expected to drive the market for LED light engines during the forecast period.
LED light engine market for new installations to lead market during forecast period
New installation refers to the installation of completely new LED lighting systems containing the new generation LED lamps and luminaires with built-in light engines. Unlike retrofit installation, which partially replaces the lighting systems, new installation completely replaces a traditional lighting system after fully phasing out the lamps, their assorted controls, and fixtures, with the LED lamps and their associated controls and fixtures. The growing market for infrastructure buildings (of which residential holds major chunk) across the globe is demanding effective lighting solutions, which in turn is driving the market for LED light engines for new installations.
Outdoor lighting to be the highest growing end-use application in LED light engine market
The end-use applications considered under the outdoor lighting applications include lighting for railway stations, airports, highways & roadways, bridges and tunnels, architectural lighting, lighting in public places, such as stadiums and parks, and other lighting applications, including harbors. The high growth rate of outdoor lighting applications is attributed to increasing infrastructural activities across the globe. Other factors, such as low maintenance costs and low power consumption make LED lighting a good choice for outdoor lighting.
APAC to dominate LED light engine market during forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period. The combination of multiple factors makes APAC the most dynamic region in the LED light engine market. The reason for APAC to be the leading market is: it is home to some of the top players in the LED light engine market, such as Sharp Corporation (Japan) and Samsung (South Korea).
Besides this, APAC has a very large population with a standard of living that is improving every day, and there is an increasing growth of smart homes. The countries of the APAC region are also introducing legislation for energy efficiency and LED lighting.
For more information about this report visit https://www.researchandmarkets.com/r/uek9ys