Present State: LED Market is Shining Bright
The scale of the LED lighting market is growing steadily, according to 2016 Global LED Lighting Market Trends Report by LEDinside, a division of TrendForce. LEDinside estimates that the scale of the LED lighting market will reach US$25.7 billion in 2015 and expand to US$30.5 billion in 2016. The penetration rate of LED lighting is also projected to climb from 31% in 2015 to 36% in 2016.
Since January, 2014, the United States banned the production and sales of 40 watt and 60 watt incandescent bulbs. U.S.Energy Information Administration predicts that the price of LED light is almost close to that of fluorescent light or incandescent light by 2020. At that time, incandescent lights are probably eliminated as they could not meet the energy-saving standards in next few years.
Future Promise: LEDs Light the Way to Outstanding Growth
Forbes has predicted that the LED market will continue to grow throughout the next decade, with the global LED market share reaching about 70 percent by 2020. According to McKinsey, Asia will occupy about 45 percent of the global general lighting market by 2020. The report indicated that rapid penetration in Japan and China is driving Asia’s market-leading position for transitioning to LEDs in general lighting. In Europe, the current LED value-based market share is approximately 9 percent, McKinsey reported. By 2020, the share is expected to rise to over 70 percent.