As a proportion of total global lamp revenue, LED lamp revenue grew from 25% in 2013 to 30% in 2014 and is forecast to reach 67% in 2022 as the lighting market continues to transition to LED technology, according to a research note from Fabian Hoelzenbein, market analyst for Lighting & LEDs at market research firm IHS Technology.
A growing market for LED technology lighting means a shrinking market for halogen, compact fluorescent lamp (CFL) and other traditional technologies, and the larger lighting companies have struggled to adapt their businesses accordingly. At the same time, smaller and more specialized LED-only companies have entered the market, further increasing the pressure on the incumbent players, notes IHS.
Market leader Philips managed to increase its share in the LED lamp market, from 14% in 2013 to 17% in 2014. Runners-up Osram, Panasonic and Toshiba roughly maintained their market shares of 8%, 6% and 6%, respectively, while GE increased from 3% in 2013 to 6% in 2014. Hefty losses in the traditional technology lamp market, however, meant that all top-five lamp manufacturers lost market share overall.
The luminaire market is a lot more fragmented than the lamp market. Philips is the worldwide market leader, with 6% of the market, and the top 10 manufacturers combined comprise just 22% of the market. Overall though, the luminaire market looks a bit brighter than the lamp market, at least for the top players. The top five companies — Philips, Acuity, Panasonic, Zumtobel and Cooper — all held on to their respective market shares in 2014. However, the pull of LED technology is also felt in the luminaire market.
LED luminaire revenue market share grew from 21% in 2013 to 23% in 2014, and is expected to reach 53% in 2022. IHS says that the big winner is Philips, whose LED luminaire market share increased from 4% in 2013 to 10% in 2014. Acuity Brands, which is focused on the American market, saw its share increase from 4% in 2013 to 6% in 2014. Acuity Brands holds 19% of the overall LED luminaire market (up from 16% in 2013). Philips is more concentrated, with 12% of the European, Middle East & Africa (EMEA) market and 10% of the Asia-Pacific (APAC) market.
It remains to be seen how leading lighting manufacturers will follow the market as it moves towards LEDs, says IHS. However, a strong focus on the luminaire market seems to help ease this transition … at least for the moment, the firm concludes.
