The Asia Pacific LED Light Engine Market would witness market growth of 15.2% CAGR during the forecast period (2021-2027).
The swift urbanization along with the infrastructural development, increasing government initiatives for the adoption of energy-efficient lighting systems among various sectors, and the decrease in the prices of LED are some of the key factors surging the growth of the market in the forecast period. For example, the current smart cities initiatives across the world have supported the adoption of lighting systems based on IoT.
Additionally, the high growth of LED technology as compared to other traditional lighting technology along with the increasing penetration of LEDs as light sources in casual lighting is anticipated to fuel the growth of the LED light engine market over the forecast period. Moreover, the integration of wireless technology with the LED lighting systems and the advent of advanced LED light engine products are estimated to open new growth avenues for the market over the forecast period.
The increasing concept of smart cities across the developing nations of the region like India, China, and Japan, is anticipated to surge the growth of the regional LED light engine market during the forecast period. In addition, the cost-efficient aspect of the LED light engine would increase its demand in the region. Due to the various benefits offered by these LED light engines to the consumers, the adoption of such products has increased in this region.
The growing initiatives of the government across this region regarding building smart cities are propelling the growth of the LED light engine market over the forecast period. In addition, the increasing awareness among the population regarding the importance of using energy-efficient products is opening new growth prospects for the regional market.
The growing building activities in APAC are helping to drive the LED light engine market in the region. In the coming years, there will be various new possibilities for energy-efficient lighting, as China and India are anticipated to build almost 200 million and 18 million houses, respectively. Countries such as China, Japan, and India have a huge impact on the APAC market.
The surge in initiatives by governments in the region encouraging the regional population to utilize LED lightings, which is one of the elements boosting the market growth. As a result of these efforts, the APAC light engine market is expected to grow. Nonetheless, the rise of China's population, combined with the adoption of LEDs, is expected to drive the market development. China is already the world's largest manufacturer and consumer of lighting fixtures and bulbs.
The China market dominated the Asia Pacific Outdoor LED Light Engine Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,312.6 million by 2027. The Japan market is showcasing a CAGR of 16% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 17.3% during (2021 - 2027).
Based on Product Type, the market is segmented into Luminaire and Lamp. Based on Installation Type, the market is segmented into New Installation and Retrofit Installation. Based on Application, the market is segmented into Indoor and Outdoor. Based on End User, the market is segmented into Commercial, Industrial and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide LED Light Engine Market is Projected to reach USD 66.6 Billion by 2027, at a CAGR of 13.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Signify N.V., OSRAM GmbH (AMS AG), LEDRAbrands, Inc., Hubbell Incorporated, Zumtobel Group AG, Samsung Electronics Co., Ltd. (Samsung Group), Acuity Brands Lighting, Inc., Lumitech LLC, Lutron Electronics Co., Inc., and Glamox AS
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