The LED Light Engine Market is expected to reach USD 110.60 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 15.30% 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.
- The indoor lighting application segment is projected to grow at the fastest CAGR over the forecast period. The growing infrastructural activities globally and the need for residential lighting are factors driving the market growth.
- The retrofit installations segment held the largest market share in 2021. Replacement of incandescent lamps with efficient light sources, like LED lamps coupled with the old generation lamps that are being outdated and new fixtures, are being retrofitted with LED lights because these lights offer long operational life with less energy.
- Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. It has been observed that in the last few years, there is a constant focus on the implementation of LED light engines and modules, the usage of LED has increased due to the growing energy and environmental regulations in the region.
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.