LED Light Engine Market
LED Light Engine Market - Global Industry Assessment & Forecast
- 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, Latin America
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 40.09 Billion|
|Revenue 2028:||USD 110.60 Billion|
|Revenue CAGR (2022 - 2028):||15.6%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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LED Light Engine Market: By Product Type, Installation Type, End-use Application, and Region
Global LED Light Engine market is valued at USD 40.09 Billion in 2021 and is projected to attain a value of USD 110.60 Billion by 2028 at a CAGR of 15.6% during the forecast period, 2022–2028. In the last few years, the global LED Light Engine market has witnessed a considerable growth. This can be attributed to easy availability of a greater number of efficient and reliable LEDs, reduction in cost per lumen, reduction in size, weight and power, and rapidly advancing optical materials. The growth is further supported by advances in manufacturing technologies such as high-speed surface mount technology (SMT) assembly machines/equipment and lead-free solder that can meet stringent environmental regulations worldwide.
Growing Focus on Energy Efficiency and Cost Saving to Drive Growth of LED Lights Engine Market
LED Light Engine Market Size, 2021 To 2028 (USD Billion)
With its high efficacy and good color rendering, white LED Light Engine s are widely used in household lighting and automotive applications. According to semiconductor industry association statistics, in 2021, the market share of high-power LED is 48% in total output value in the world and it still has a very large room for growth. Today, LED Light Engine s are widely used in home lighting applications such as lamps, towers and display cabinets. Customers also use them for interior decoration to create ambient lighting effects like blurred footlights, track lights and up lighting. They can be found in houses, offices, hotels, restaurants as well as public spaces such as shopping malls, airports and bus stations etc., which means that quality requirements are very high.
Global LED Light Engine market is segmented by product type (lamps and luminaires), installation type (new installation and retrofit installation), end-use application (indoor lighting and outdoor lighting), and region. By Region, Asia Pacific is projected to dominate the global market due to higher production and consumption of LED Light Engine in the region.
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By Application, Indoor Lightening Dominates LED Light Engine Market
It has been found that light engines are mainly used in indoor lighting, which makes it the largest consumer of the product. This is because the cost of lamps and ballasts is expensive and they produce a lot of heat so they cannot be put in close proximity to other equipment. Wherein, light engine plays a key role in reducing the energy consumption up to 50% than incandescent lights. The incandescent light bulb needs about 40W while the LED need only 10W for same range. Another important thing is that since there are no filament or glass body, there's less breakage rate which will bring down the product damage to minimum therefore increasing its life span.
In terms of durability, light engine emits a directional ray of the light from its source. In traditional incandescent lights, it used to produce an omnidirectional ray of light which eventually decreases its life span comparing with LED. In addition to that, since LEDs are operated on low voltage and high-frequency sometimes makes them more heat efficient than fluorescents while some may say dark environments is where they shine the most.
Retrofit Installation segment to Hold Prominent Share of LED Light Engine Market
Every day, new facilities are being completed around the world. As a result, there is an increased demand for competitive LED retrofit lighting string design to replace traditional facility light strings that are typically made with fluorescent or halogen lamps. A lot of these commercial buildings are constructed without making any provisions for installation of future lighting systems, which makes them more difficult to upgrade when compared to residential facilities. Out dated facility lighting tends to be inefficient and expensive to operate since new facilities have become designed with energy efficient components/equipment in mind. Retrofitting these contemporary designs with intelligent LED lighting solutions provides many benefits including long product life, low maintenance costs, high performance levels, flexibility in indoor environmental conditions, and high color rendition index (CRI). Since the Annual cost of commercial lighting has now become one of the largest areas in utilities expenses, facility owners are now realizing that retrofitting their current lighting systems with LED light strings is much more economical than initially installing new intelligent LED lighting. Retrofit or upgrade costs can result in paybacks within 5 years depending upon varying factors such as location, operating time and usage pattern. These benefits depend upon various factors like durability, consistency of performance & lumen maintenance during product life cycle and so on.
Asia Pacific to Dominate LED Light Engine Market
LEDs are semiconductor-based components that convert electricity into light. LED lamps have a number of advantages over traditional incandescent and fluorescent lamps, including higher energy efficiency, longer lifetime, improved physical robustness and smaller size. Asia Pacific is the largest consumer as well as producer of LED Light Engine market because of the following reasons as more than 60% of world's population lives in this region. This factor can be attributed as an important factor for growth of LED lighting industry in Asia-Pacific region due to outdoor activities such as sports events which requires huge amount of lighting facility during night time.
USD 16.54 Billion
The growing demand from applications across residential & commercial sectors is expected to boost the use of LEDs in Asia Pacific region. Inbound international tourists have been increasing over the period of time in Asia Pacific due to this region growing economy especially from China and Japan which will provide high growth prospects for marketers of LED Light Engine s during the forecasting period.
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).
The LED Light Engine is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
By Region (Revenue: USD Million, 2016 - 2028)
Frequently Asked Question
The global LED Light Engine valued at USD 40.09 Billion in 2020 and is expected to reach USD 110.60 Billion in 2028 growing at a CAGR of 15.6%.
The prominent players in the market are 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)..
The market is project to grow at a CAGR of 15.6% between 2021 and 2028.
The driving factors of the LED Light Engine include
- Growing Focus on Energy Efficiency and Cost Saving
Asia Pacific was the leading regional segment of the LED Light Engine in 2020.