General Illumination LEDs to Record Highest Growth Rate
The global market for high-brightness light-emitting diodes (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 a recent report from BCC Research. LEDs for general illumination applications are expected to post the highest growth rate of any major segment, with a CAGR of 22% between 2014 and 2019. By 2019, shipments of LEDs 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 is predicted to 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 life spans of conventional lighting systems and, coupled with their environmental advantages, they represent a big step into the future,” said Andrew McWilliams, research 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.