The global market for LED light fixtures, which already stood at $3.8bn in 2010, is expected to grow to $8.3bn within the next three years, according to new research.
The heightened awareness of energy efficiency together and global fiscal stimulus has created suitable conditions for the adoption of white light application of LED technology, which would otherwise have faced high costs.
Rapid improvements in the performance and price of commercially-available high brightness LED packages have also contributed to the relative success of the technology, according a study by information provider Strategies Unlimited.
Whereas quality issues have affected the market penetration of previous energy-efficient lighting technologies, the quality of LEDs has improved to a point that performance is no longer an issue, the latest annual LED Luminaires, Market Analysis & Forecast study indicates.
The only issue remaining a barrier to the progression of the market is the high cost of designing LEDs into luminaires. Consumer portable applications were the largest segment of the LED luminaire market in 2010, the study found.
Nonetheless, the report says the global impetus to reduce energy consumption is likely to propel LED lighting technology to be widely commercialised and adopted by the market. And it is this hungry market that the report says will see revenues for LED light fixtures in commercial and industrial applications reach $1bn in 2011.
Outdoor lighting applications are expected to see annual growth of 38 per cent by 2014, while solar lanterns are forecast to grow at a rate of 58 per cent, driven by governments trying to save on fuel subsidies.
The US market for LED exit signs has matured and entered the initial stage of market penetration, with China being the largest supplier of LED luminaires, the study shows.
Coloured LEDs for entertainment applications had revenues of more than $1bn in 2010, while residential lighting was the fastest growing segment of the market, forecast to grow at an annual growth rate of 44 per cent through 2014.
newenergyworldnetwork.com