LED Light Engine Market Forecast from 2019 to 2024
2019-06-07

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. Key factors influencing the market growth are increasing demand for energy-efficient lighting systems; modernization and development of infrastructure, for example, smart cities, which leads to the implementation of lighting systems based on IoT; reduction in the price of LEDs; penetration of LEDs as light sources in general lighting; and rapid growth of LED technology over conventional lighting technology.

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