Global LED Light Engine Market Forecast to 2024 - Modernization and Development of Infrastructure / Need for Energy-Efficient Lighting / Reduction in LED Price / Government Initiatives and Regulations
DUBLIN, June 17, 2019 /PRNewswire/ -- 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Evolution
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Modernization and Development of Infrastructure
5.3.1.2 Need for Energy-Efficient Lighting Systems
5.3.1.3 Reduction in LED Price
5.3.1.4 Government Initiatives and Regulations to Adopt Energy-Efficient LEDs
5.3.2 Restraints
5.3.2.1 Lack of Awareness Regarding Installation Cost
5.3.2.2 Development of Alternate Technologies
5.3.3 Opportunities
5.3.3.1 Development of Wireless Technology in LED Lighting Systems
5.3.3.2 Growing Demand From Horticulture Market
5.3.4 Challenges
5.3.4.1 Lack of Common Open Standards
6 LED Light Engine Market, By Product Type
6.1 Introduction
6.2 Lamp
6.2.1 LED Light Engine Market for Lamp to Showcase Steady Growth Rate During the Forecast Period
6.3 Luminaire
6.3.1 LED Light Engine Market for Luminaire to Hold Largest Share and Grow at Highest Rate During the Forecast Period
7 LED Light Engine Market, By Installation Type
7.1 Introduction
7.2 New Installation
7.2.1 New Installation Type to Hold Larger Share in the Market
7.3 Retrofit Installation
7.3.1 Retrofit Installation Market to Grow With Highest CAGR During the Forecast Period
8 LED Light Engine Market, By End-Use Application
8.1 Introduction
8.2 Indoor Lighting
8.2.1 Residential
8.2.1.1 Residential Subsegment to Hold Largest Market Share in the Indoor Lighting Market During Forecast
8.2.2 Commercial
8.2.2.1 Commercial Subsegment to Contribute Among Major Share in the Overall Indoor Lighting Market During the Forecast Period
8.2.3 Industrial
8.2.3.1 Industrial Subsegment to Grow With Highest CAGR in the Indoor Lighting Marke
8.2.4 Others
8.2.4.1 Other (Indoor) Subsegment to Showcase Considerable Growth in the Indoor Lighting Market
8.3 Outdoor Lighting
8.3.1 Highways & Roadways Lighting
8.3.1.1 Highway & Roadways Lighting to Hold Larger Share in the Outdoor Lighting Market
8.3.2 Architectural Lighting
8.3.2.1 Architectural Subsegment to Contribute Considerable Share in the Outdoor Lighting Market
8.3.3 Lighting for Public Places
8.3.3.1 Lighting for Public Places Subsegment to Grow With the Highest CAGR During the Forecast Period
8.3.4 Others
8.3.4.1 Others (Outdoor) Subsegment to Hold Potential for Growth in the Outdoor Lighting Market
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Building Codes Boosting Adoption of New Lighting Technologies
9.2.2 Canada
9.2.2.1 Growing Adoption of LED Lighting Systems
9.3 Europe
9.3.1 UK
9.3.1.1 Rising Demand for Energy-Efficient and Long-Lasting Lighting Systems Drive Market Growth in UK
9.3.2 Germany
9.3.2.1 Increasing Preference for Smart Homes Fuel LED Lighting Market Growth in Germany
9.3.3 France
9.3.3.1 Growing Requirement for Energy Conservation Propel Market Growth in France
9.3.4 Italy
9.3.4.1 Escalating Demand for LED Light Engine From Rebounding Construction Sector Boosts Italian Market Growth
9.3.5 Rest of Europe
9.4 APAC
9.4.1 China
9.4.1.1 Increasing Government Expenditure on Public Infrastructure to Boost LED Lighting Demand in China
9.4.2 Japan
9.4.2.1 Rising Focus on Energy Management Solutions Leads to Increased Adoption of LED Light Engines
9.4.3 Rest of APAC
9.5 RoW
9.5.1 Growing Focus on Real Estate and Urbanization Fuels LED Light Engine Market Growth in Middle East and Africa
10 Competitive Landscape
10.1 Introduction
10.2 Market Player Ranking Analysis
10.3 Competitive Leadership Mapping
10.4 Strength of Product Portfolio (25 Companies)
10.5 Business Strategy Excellence (25 Companies)
11 Company Profiles
11.1 Introduction
11.2 Key Players
11.2.1 Signify Lighting NV
11.2.2 OSRAM Licht Ag
11.2.3 GE Lighting (GE Lighting + Current)
11.2.4 CREE, Inc.
11.2.5 Hubbell Incorporated
11.2.6 Zumtobel Group Ag
11.2.7 Samsung Electronics
11.2.8 Wipro Enterprises (P) Limited
11.2.9 Glamox AS
11.2.10 Lutron Electronics
11.2.11 Acuity Brands, Inc.
11.3 Other Companies
11.3.1 Lumitech LLC
11.3.2 SDA Lighting
11.3.3 Trilux GmbH & Co. Kg
11.3.4 Helvar OY AB
11.3.5 LEDrabrands, Inc.
11.3.6 Ab Fagerhult
11.3.7 Gerard Lighting
11.3.8 Halla, A.S.
For more information about this report visit https://www.researchandmarkets.com/r/vzwnuz
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