The LED lighting market is going from strength to strength and will only continue to increase in size over the next eight years, according to a new study.
IMS Research is forecasting world packaged LED revenue will continue to grow right up until the end of this decade.
According to its latest Packaged LED - World - 2012 Report, the research firm suggests that the lighting sector will be a huge driver of growth in this decade.
The 2012 market size is projected to be around $10.9 billion (£6.7 billion), with $2.9 billion of that accounting for lighting with the rest in other applications.
Within three years the market is expected to reach around $13.5 billion, with $5.8 billion in lighting and the rest in other areas.
IMS Research experts are expecting shipments of LED lamps to remain relatively flat from 2015 onwards.
Research analysts explained that the main reason for this will be that with LED bulbs lasting much longer, there will be less demand to buy further illuminations.
With price erosion set to remain in double digit figures, the LED lighting sector could stay stagnant towards the end of the decade.
This is in contrast to claims in the Financial Times that recently suggested the global lighting industry will grow to be worth nearly $100 billion by as early as 2020.
With regulation around the world starting to phase out traditional illuminations, the market for LED lights has never been bigger and this is reflected in the figures from McKinsey.
McKinsey claimed that LED bulbs would account for around 41 per cent of the overall value of the lighting market by 2016 and up to 63 per cent in 2020.
Indeed, experts have suggested that the LED lighting industry is set to "explode" in the coming years.
