LED Light Engine Market is Expected to Have a Blazing Growth During Forecast Period
The Global LED Light Engine (LLE) market is set to thrive and luxuriate from USD 40.09 Billion in 2021 and USD 110.60 Billion in 2028 growing at a Compound Annual Growth Rate (CAGR) 15.6%. An LED light engine is an integrated system consisting of one or more LED systems (modules) or light-emitting diodes (LEDs) as well as an LED driver and other optical, mechanical, thermal, and electrical components. It is a state-of-the-art lighting technology that offers increased efficiency and longevity. The basic component of a luminaire is its LED light engine. These light engines can be used to replace standard lights. Compared to traditional LEDs, an LED light engine does not require an AC/DC transformer because it is directly connected to a current or AC switching power.
Factors such as rapid urban growth associated with infrastructure development, reducing LED prices and the emergence of regulatory systems related to the adoption of energy efficient lighting systems, in particular, drives market growth. In addition, increased LED penetration as light sources in standard lighting are expected to further market growth during forecasting. The integration of wireless technology into LED lighting systems with the emergence of new LED light engine products are expected to create significant market growth opportunities during the forecast period. On the other hand, the LED Light Engine Market has faced significant impact from the COVID-19 outbreak. Because of the slowed down production and unavailability of workforce across the globe, the market has hit stagnancy.
Based on the product type, the market is divided into either luminaire or lamp. As a major component of the LED lighting system, a small portion of the lights are likely to control the market for LED Light Engines. The market for LED Light Engine lights is projected to grow as consumer awareness of energy saving and the installation of more efficient lighting systems is increasing. Depending on the application, LED light engines comes in a variety of shapes and sizes, including line, circular, square, and rectangular. Based on the type of input, the market is divided into new installation and retrofit installation. In addition, the increasing use of the LED light engines in various areas such as residential, commercial, and industrial areas will stimulate product demand. Residential buildings in which the basement is the key to interior lighting, are considered to be the major strengths of the future. As a result of government energy-saving laws, countries around the world are expected to adopt energy-efficient lighting solutions in residential areas.
Based on geographical regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, the Middle East, and Africa. The proliferation of regional government programs that encourage people in the region to use LED lights, which is one of the factors that promote market growth. However, the increase in the Chinese population, combined with the adoption of LEDs, is expected to further market development. Asia Pacific is already a major manufacturer in the world and a buyer of lighting fixtures and lamps.
The presence of various key players and large corporate houses creates the need for LED light engines.
Key stakeholders operating in this market include - Seoul Semiconductors (South Korea), Acuity Brands, Inc. (US), TRILUX Lighting (Germany), SDA Lighting (US), LUMITECH (Austria), AB Fagerhult (Sweden), Helvar (Finland), Gerard Lighting (Australia), LEDVANCE GmbH (Germany), LEDRAbrands (US), and Halla, a.s. (Czech Republic).
Browse the full Report - LED Light Engine Market by Product Type (Lamps, Luminaires), by Installation Type (New Installation, Retrofit Installation), by End-Use Application (Indoor Lighting, Outdoor Lighting), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)