LED Light Engine Market

Global LED Light Engine Market Size (2023 to 2028)

The global LED light engine market size is expected to be worth 34.33 Billion USD in 2023. It is expected to grow at a CAGR of 14.36% during the forecast period and reach a value of 67.15 Billion USD by 2028.

The LED light engine (LLE) is an integrated assembly that includes one or more LED arrays (modules) or light-emitting diodes (LEDs), an LED driver, and additional optical, mechanical, thermal, and electrical components. It's a cutting-edge lighting system that's more efficient and lasts longer. The LED light engine is the most important part of a luminaire. Standard bulbs can be replaced with these light engines. It is made up of LED chips that are mounted on a circuit board. They are primarily divided into two categories: lamp and luminaire. LED light engines, unlike ordinary LEDs, do not require an AC/DC transformer because they are linked directly to alternating current or AC power.

Global LED Light Engine Market Drivers:

The LED light engine market is primarily driven by factors such as rising urbanization coupled with infrastructure development, lower LED pricing, and the introduction of government programs to promote the adoption of energy-efficient lighting systems. For example, ongoing smart city programs around the world have stimulated the implementation of IOT-based lighting systems. Furthermore, the massive growth of LED technology over traditional lighting technology, as well as increased penetration of LEDs as light sources in general illumination, are expected to fuel market expansion throughout the projection period. On the other hand, throughout the forecast period, the market is expected to benefit from the incorporation of wireless technology in LED lighting systems as well as the advent of revolutionary LED light engine products.

LEDs are becoming increasingly prevalent as light sources all around the world. However, in a few places, LEDs have been required to meet energy efficiency and color rendering criteria. LED light engines also include a heat sink, a constant current driver, and occasionally supplementary optics to match the light pattern requirements, which distinguishes them from incandescent bulbs. These are some of the components that contribute to the system's lumen-per-watt efficacy and must be tuned.

Global LED Light Engine Market Restraints:

The COVID-19 epidemic has had a substantial influence on the global LED light engine business. The production of electronics and semiconductors has been halted due to the recession and lack of labor availability around the world. The COVID-19 epidemic resulted in a large and long-term decline in production utilization, while travel bans and facility closures kept workers out of their facilities, causing the limitation to the LED Light Engine Market.

REPORT COVERAGE:

This research report on the global LED light engine market has been segmented and sub-segmented into the following categories.

LED Light Engine Market - By Product:

• Lamp.
• Luminaire.

The Luminaire Lighting Segment is anticipated to possess the dominant share within the Global LED Light Engine Market during the Forecast Period. Because the core component of an LED lighting system, the luminaires sub-segment is probably going to dominate the marketplace for LED light engines. The LED light engine marketplace for luminaires is predicted to grow as consumer awareness of energy conservation and, therefore, the installation of high-efficiency lighting systems grows. Looking at the application, LED light engines are available in a spread of shapes and sizes, including linear, round, square, and rectangular. A luminaire's LED light engine is its most vital component.

LED Light Engine Market - By Installation Type:

• New.
• Retrofit.

The New Installation Segment is predicted to own the dominant share within the Global LED Light Engine Market during the Forecast Period. Completely new LED lighting systems with new generation LED lights and luminaires with built-in light engines are brought up as new installations. Unlike retrofit installation, which only replaces some of the lighting systems, new installation totally replaces a standard lighting system by replacing the lamps, their various controllers, and fixtures with LED lamps and their related controls and fixtures. The worldwide demand for effective lighting solutions is driving the marketplace for LED light engines for brand-spanking new installations, which is driven by the expanding marketplace for infrastructure buildings (of which residential accounts for an outsized portion).

The Retrofit Segment is predicted to work out the rapid climb within the Global LED Light Engine Market during the Forecast Period. Retrofit installations are predicted to expand the fastest within the LED light engine market per installation type. The growing use of energy-efficient light sources like LED lamps to exchange incandescent lamps could be a major driver driving the demand for retrofit installations. Bulbs from previous generations are gradually being phased out, and fixtures are being upgraded with LED lamps, which have an extended operating life and consume less energy.

LED Light Engine Market - By Application:

• Indoor Lighting.
• Outdoor Lighting.

Indoor Lighting Segment is anticipated to possess the dominant share within the Global LED Light Engine Market during the Forecast Period. Indoor lighting is predicted to own a much bigger market share within the LED light engine market than outdoor lighting, supported end-use application. The cause for this can be a rise in infrastructural activity around the world, which is generally focused on residential illumination. Residential buildings (a major sub-segment of indoor lighting) are considered to possess enormous future potential. It’s likely to extend at a rapid pace. Due to government regulations for energy conservation, countries everywhere around the globe are expected to use energy-efficient lighting solutions in residential applications.

LED Light Engine Market - By End-User:

• Residential.
• Commercial.
• Industrial.

Commercial Segment is expected to have a prominent share in the Global LED Light Engine Market. During the Forecast Period. When compared to traditional halogen and fluorescent business lighting, LED lighting offers a variety of benefits, including higher energy and maintenance savings, better light quality, the flexibility to lower lights, no warm-up times, and frequent switching. Furthermore, lighting in heavy industrial regions is subjected to extreme environmental conditions on a regular basis, necessitating time-consuming and uncomfortable maintenance. Loading and unloading in industrial warehouses in commodity or major commercial businesses is frequently open for long hours if not 24/7. The lighting in a warehouse must be efficient enough to reduce occupational dangers while also meeting the recommended LUX values.

LED Light Engine Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Asia-Pacific is expected to have the dominant share in the Global LED Light Engine Market during the Forecast Period. The growing building activities in APAC are helping to drive the LED light engine market in the area forward. In the coming years, there will be various new chances for energy-efficient lighting, as China and India are slated to build almost 200 million and 18 million houses, respectively. The surge in initiatives by governments in the region encouraging the populace to utilize LED lighting, however, is one of the elements sustaining the region's growth. Nonetheless, the rise in China's population, combined with the adoption of LEDs, is expected to drive market development. China is already the world's largest manufacturer and user of lighting fixtures and bulbs.

North America is expected to see rapid growth in the Global LED Light Engine Market during the Forecast Period. The rising public knowledge about the use of energy-efficient lighting products is likely to provide profitable prospects for the region's leading industry players. The presence of a number of significant players, as well as large corporate houses, is driving demand for LED light engines throughout the region. Furthermore, the excellent infrastructure of the countries in the region is providing fresh potential opportunities for LED light engine makers. Furthermore, individuals in this region are spending more money on environmentally friendly items, which is expected to add to the region's increasing demand for LED light engines over the projection period.

KEY MARKET PLAYERS:

Acuity Brands Inc., General Electric Company, Glamox Limited, Hubbell Incorporated, OSRAM GmbH, Ideal Industries Inc., Lutron Electronics Co. Inc., Samsung Electronics Co. Ltd, Signify Holding, Zumtobel Lighting GmbH.

RECENT HAPPENINGS IN THE MARKET:

• The Hydra-Panel stands out in a crowded 'LED panel marketplace, delivering numerous unique features not found in any 'pixel' product, such as a beam-shaper module, magnetic installation, and the Titan LED engine's outstanding color mixing, dimming characteristics, and exceptional light quality.
• The SUMOLASER, a modular, high-output fixture from SUMOLIGHT, was just revealed. Multiple daylight-balanced spotlights work together to project a bright light beam into the distance in this new model. The lighting system is IP65-rated and enables DMX control. SUMOLIGHT is a well-known German lighting manufacturer known for its modular and unique designs. We've written about their SUMOSKY extendable LED wall and SUMOMAX hexagonal fixture in the past.