Global Market for LEDs to Reach $105.5 Billion by 2019
January 1, 2015
With the steady increase in the usability and efficiency of light-emitting diodes (LEDs) over traditional light bulbs during the last decade, the global market for high-brightness LEDs is projected to reach nearly $46.4 billion in 2014 and $105.5 billion in 2019, with a compound annual growth rate (CAGR) of 17.9%, according to the report “Light-Emitting Diodes (LEDs) for Lighting Applications” by BCC Research. LEDs for general illumination applications have the highest growth rate of any major segment, with a CAGR of 22% between 2014 and 2019. By 2019, shipments of LED for general illumination should reach $89.2 billion, or nearly 85% of the overall LED market.
The North American, European and Asia-Pacific regions have traditionally been the largest consumers of high-brightness LEDs. Over the forecast period, Chinese consumption will grow at the most rapid rate. This migration follows the path of other products that China initially produced and then sold to the general population. By the end of the forecast period, China’s percentage of consumer use will have nearly doubled.
Lighting is one of the most widespread, important and growing energy users. In the U.S., recent data indicates that slightly more than 12% of electricity and 6% of all energy is consumed just to provide lighting. Global production of energy for lighting is approximately 3,400 TwH annually, or the equivalent of about 1,700 power plants. Related carbon emissions were estimated at over 400 million tons per year. Improvements in lighting efficiency, therefore, should have an important economic and environmental impact.
“LEDs already exceed the estimated lifespans of conventional lighting systems and, coupled with their environmental advantages, they represent a big step into the future,” said Andrew McWilliams, analyst. “Solid-state lighting could affect many phases of industry and consumer markets, as well as affect savings in dollars and environmental waste.”
For more information, visit www.bccresearch.com.