LED Light Engine (Lamps and Luminaires) Market - Global Forecast to 2024 - ResearchAndMarkets.com

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
legislations for energy efficiency and LED lighting.

Market Dynamics

Drivers

• Modernization and Development of Infrastructure
• Need for Energy-Efficient Lighting Systems
• Reduction in LED Price
• Government Initiatives and Regulations to Adopt Energy-Efficient LEDs

Restraints

• Lack of Awareness Regarding Installation Cost
• Development of Alternate Technologies

Opportunities

• Development of Wireless Technology in LED Lighting Systems
• Growing Demand From Horticulture Market

Challenges

• Lack of Common Open Standards

The major players profiled in this report are as follows:

• AB Fagerhult
• Acuity Brands, Inc.
• Cree, Inc.
• GE Lighting (GE Lighting + Current)
• Gerard Lighting
• Glamox AS
• Halla, A.S.
• Helvar OY AB
• Hubbell Incorporated
• LEDrabrands, Inc.
• Lumitech LLC
• Lutron Electronics
• OSRAM Licht Ag
• SDA Lighting
• Samsung Electronics
• Signify Lighting NV
• Trilux GmbH & Co. Kg
• Wipro Enterprises (P) Limited
• Zumtobel Group Ag

For more information about this report visit https://www.researchandmarkets.com/r/uek9ys

View source version on businesswire.com: https://www.businesswire.com/news/home/20190613005410/en/