The LED light engine market is expected to be valued at USD 30.0 billion in 2019

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.

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.

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.