World demand for lighting is set to grow by as much as 12.3 per cent yearly though 2016, according to a recent report.
Reportlinker projects that the market will be worth $78.3 billion (£49.6 billion) in three years' time.
The market will be boosted by the increasing shift to higher value technologies that are far more efficient.
Product sales will also be driven in part by an acceleration of factors such as personal income, economic activity and construction spending that will input LED lighting systems as standard.
Indeed, an increasing amount of people are looking towards LED ceiling spotlights as a way of saving money in the household.
This is also being encouraged by the fact that the use of incandescent bulbs in both the US and EU is soon to be banned, meaning that people need to look for alternatives.
LED lighting devices will record by far the fastest global market gains of any major product segment through 2016.
Historically, demand for LED bulbs has been restrained as a result of the price and technical deficiencies, but this has changed somewhat in the last few months.
The rapid rate of technological advances is improving their performance capabilities and resulting in a substantial drop in cost - making them a much more viable option.
While compact fluorescent lamps have been the general replacement product of choice, sales of these are expected to be bypassed by LEDs as they last much longer and are also more energy efficient, meaning can make more savings on their bills in the long run.
The report noted that market gains in China and other developing countries will outstrip those in the US, western Europe and Japan. This is as a result of healthy economic growth and greater manufacturing output.
China alone will account for 49 per cent of all additional product demand through 2016.
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