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.