The Global LED Light Engine Market is estimated to be USD 31.2 Bn in 2021 and is expected to reach USD 63.0 Bn by 2026, growing at a CAGR of 15.06%.
The Global LED Light Engine Market is growing need for energy-efficient lighting systems. Increasing government initiatives and regulations for infrastructural development, such as smart cities and other projects based on the Internet of Things (IoT), are driving the market’s growth. Additionally, low cost of devices, reduction in LED prices, and expansion of LED technology over conventional lighting solutions are fuelling the development of the market. On the other hand, a lack of awareness for installing LED costs and developing alternate technologies restrict the market’s growth.
The development of wireless technology is creating opportunities for the market to grow in the forecasted period. Furthermore, increasing adoption and demand from the horticulture market, creating innovative LED light engine products for various applications, including the harsh environment in marine room lights, etc. Moreover, the lack of common open standards and policies are the challenges that may negatively affect the market’s growth.
The Global LED Light Engine Market is segmented further based on Product Type, Installation Type, Form Type, End-Use Application Type, and Geography.
By Product Type, the market is classified into Lamps and Luminaries.
By Installation Type, the LED Light Engine market is classified into New Installation and Retrofit Installation.
By Form Type, the LED Light Engine market is classified into Flexible and Rigid.
By End-User, the LED Light Engine market is classified into Indoor Lighting and Outdoor Lighting.
By Geography, Asia Pacific is projected to lead the market.