The global LED light engine market size was valued at $25.15 Billion in 2020, and is projected to reach $91.27 Billion by 2030, to register a CAGR of 13.3% from 2021 to 2030.
The LED light engine (LLE) is an integrated assembly which is composed of one or more LED arrays (modules) or light emitting diodes (LEDs) as well as an LED driver along with the other optical, mechanical, thermal, and electrical components. It is a cutting-edge lighting technology that offers increased efficiency and longevity. A luminaire's fundamental component is its LED light engine. These light engines can be used to replace standard lamps. Compared with traditional LEDs, the LED light engine does not require an AC/DC transformer because it is directly connected to alternating current or AC power.
Factors such as rapid urbanization coupled with infrastructural development; reduction in LED prices; and emergence of initiatives governing bodies toward the adoption of the energy-efficient lighting system mainly drive the growth of the market. For instance, on going smart cities initiatives around the globe has encouraged the implementation of lighting systems, which are based on IoT.
Moreover, huge growth of LED technology over conventional lighting technology as well as rise in penetration of LEDs as light sources in general lighting is projected to drive the growth of the market during the forecast period. On the other hand, the integration of wireless technology in LED lighting systems and emergence of innovative LED light engine products are projected to create lucrative growth opportunities for the market during the forecast period.
The global LED light engine market is segmented on the basis of product type, installation type, application, end user, and region. On the basis of product type, the market is bifurcated into lamp and luminaire. By installation type, the market is classified into new installation and retrofit installation. According to the application, the market is segmented into indoor lighting and outdoor lighting. On the basis of end user, the market is classified into residential, commercial, and industrial. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The companies profiled in the LED light engine market report include Acuity Brands, Inc., General Electric Company, Glamox Limited, Hubbell Incorporated, Ideal Industries Inc., Lutron Electronics Co., Inc., OSRAM GmbH, Samsung Electronics Co., Ltd., Signify Holding, and Zumtobel Lighting GmbH.