Press Release-LED Light Engine Market Expected to Reach USD 110.60 Billion by 2028
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LED Light Engine Market Expected to Reach USD 110.60 Billion by 2028
The LED Light Engine Market is expected to reach USD 110.60 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 15.6% between 2022 and 2028. The rising awareness among consumers regarding the conservation of energy and reducing prices of LED lights is anticipated to fuel the LED light engine market growth.
Key Findings:
Some of the major players in the LED Light Engine 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).
Rising demand for lighting systems that are energy-efficient, development of infrastructure, and modernization like in smart cities the implementation of lighting systems based on IoT. Additionally, decreasing prices of LEDs, acceptance of LEDs as a light source in general lighting are factors driving the LED light engine market growth.
Asia Pacific is anticipated to record the highest CAGR. The growth in the region is driven by several initiatives taken by governments of countries in the region, promoting the usage of LED lights. These initiatives are expected to boost the market demand for the light engine market in the region. Furthermore, populated countries like India and China are likely to play a major role in market growth. Additionally, China is the largest consumer and producer of lights worldwide.
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