The global LED lighting market is expected to reach US$25.7 billion in 2014 followed by a market penetration increase to 31% in 2015 as the overall lighting market grows to US$82.1 billion. The top five lighting brands in terms of revenues during 2014 will be Philips, Panasonic, Toshiba, GE and Osram, according to findings from TrendForce.
Digitimes meanwhile reported that the LED penetration rate is expected to reach between 60-70% over the next five years due to decreasing prices and energy-saving capabilities.
With the LED penetration rate reaching over 90% in LCD TV backlighting applications, LED makers are anticipating a surge of growth in the lighting market, as economies across the globe are looking to more energy-saving solutions.
Global demand for LED lighting products and LED-based lighting systems and services in 2018 will increase from 2013 by 190% and 180%, respectively, and global demand for LED lighting will begin to exceed that for conventional lighting products in 2017, according to Digitimes Research.
