Light Engine Market Size

Light Engine Market size was valued at USD 101.7 Billion in 2023 and is set to cross USD 584.61 Billion by the end of 2036, expanding at more than 14.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of light engine is estimated at USD 114.88 Billion. The growth of the market can be attributed to the several government mandates enforced on energy conservation and LED adoption. Thus, people are opting for LED lighting due to the regulations enforced by the government related to energy conservation. As per the India Brand Equity Foundation, the Indian government distributed LED bulbs at a price of USD 0.12 in rural areas to households.

The residential sector is expected to grow revenue by the end of the estimated time frame, owing to increased industrialization and the number of smart cities initiatives around the world. As a result, the rising adoption of LED lighting in residential buildings is a driving reason behind the strong customer demand.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of light engine is estimated at USD 114.88 Billion.

The light engine market size was valued at USD 101.7 Billion in 2023 and is set to cross USD 584.61 Billion by the end of 2036, expanding at more than 14.4% CAGR during the forecast period i.e., between 2024-2036. The major factors driving the market growth are the growing demand for energy-efficient lighting systems and the reduction in the price of LED lights around the world.

Asia Pacific industry is estimated to gather the largest gain of 32% by 2036, driven by rapid rise in population and surging adoption of light engine lights are also assessed to accelerate the region.

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

Light Engine Market Size