Light Engine Market Share

APAC Market Statistics

The light engine market in the Asia Pacific industry is expected to dominate majority revenue share of 32% by 2037. The rapid rise in population and surging adoption of light engine lights are also assessed to accelerate the region’s market growth in the coming years. According to the most current data, Asia spans 29.4% of the surface of the earth and has an estimated population of over 4.75 billion people (as of 2022), making up roughly 60% of the global population. As of 2022, the total population of China and India was expected to exceed 2.8 billion people.

European Market Analysis

Europe is projected to account for the market's second-largest revenue share in the year 2037. The expansion of this field can be attributed to the IT industry's thriving construction sector, which is benefiting from increasing investments and new infrastructure development efforts. The construction industry is vital to the European Union's economy. The sector employs 18 million people directly and accounts for around 9% of the EU's GDP. Moreover, the architectural consultancy is expected to be driven throughout the projection period by the eventual resumption of the construction of multiple data center structures that had been briefly halted owing to the COVID-19 pandemic. Furthermore, Germany is expected to have the highest CAGR during the estimated time frame owing to the country's huge production units of smart home devices.