News

4 March 2009

 

LED lighting market to grow at 28% to $5bn by 2012

The LED lighting market will increase at a compound annual growth rate (CAGR) of 28% from 2008 to more than $5bn in 2012 as it develops beyond single-color and color-changing applications into general illumination applications such as residential, commercial and off-grid applications, and ultimately into outdoor area applications, forecasts Strategies Unlimited in its report ‘LED lighting Fixtures - Market Analysis and Forecast’.

But 2012 will only be the beginning for the ultimate replacement of conventional light sources, including high-efficiency fluorescent and HID fixtures, reckons the market research firm. However, many challenges face the LED industry to accomplish that goal.

Through 2007, LED lighting applications included niche markets such as exit signs, architectural lighting, accent and decorative lighting, and entertainment lighting, many of which used red, green, and blue LEDs. However, white LED fixtures have begun to capture a strong market position in selected applications such as consumer portable lighting (e.g. flashlights, headlamps) and solar landscape lighting, and more recently have begun to be used on a limited basis in applications such as retail display lighting, commercial and industrial lighting, and outdoor area lighting.

In 2008, white LED fixtures accounted for just over 50% of the total LED lighting fixture market. The penetration of white LED lighting fixtures into general illumination applications will accelerate when such fixtures offer quantifiable energy and cost savings relative to the use of conventional light sources, says Strategies Unlimited.

In recent years, LED technology has made impressive performance gains, which in turn have improved the efficacy of LED lighting fixtures. During 2008-2012, white LED fixtures will make gains in market share as the best commercially available high-performance white LEDs move beyond luminous efficacies of 100l/W.

Further improvements in designing fixtures that can optimize LED operation are expected to drive the growth in LED lighting fixture market. Both recessionary pressures and mass manufacturing will further reduce the cost, adds the market research firm.

See related items:

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LED market to grow 2.9% in 2009, aided by LCD-TVs

LED market growth to accelerate to 12% in 2008

Search: General illumination White LEDs

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