The global lighting industry is expected to continue growing at a rapid rate in the next few years, so much so that it will be worth nearly €100 billion (£81 billion) by as early as 2020.
Regulation around the world is starting to phase out traditional illuminations in favour of more energy-efficient LED light bulbs, which is changing the face of the lighting industry.
The switchover is well underway in both Europe and the US, with the latter set to ban incandescent bulbs from shelves by 2015.
This leaves a large gap in the market for LED bulbs, which have grown in popularity in the last few years as people try and take advantage of the money-saving opportunities to be had when using LEDs.
Lighting currently accounts for 19 per cent of global electricity consumption, but consumers previously gave artificial illumination little thought and often took it for granted, the Financial Times reports.
This is set to change in a big way, though as McKinsey's estimation that the industry will be worth €100 billion by 2020 suggests. This figure compares to the €73 billion it was estimated as being worth last year.
Many analysts are suggesting that LED technology is reaching a tipping point as prices decline, which brings forward payback time on the initial investment.
Indeed, McKinsey claims that LED bulbs will account for 41 per cent of the overall value of the lighting market by 2016 and up to 63 per cent in 2020.
Co-founder and chief executive of IQE - maker of ultra-thin wafers used in semiconductor chips - Drew Nelson told the news provider: "I am absolutely certain that LEDs will become the world's universal lighting source."
"LEDs will transform the way we use lighting as they can be used to mimic the sun and create differing tones to suit certain locations and moods."
