Feb 24 2011
California-based strategic consulting and market research firm, Strategies Unlimited has released its latest report on LED market titled ‘The LED Luminaires, Market Analysis & Forecast’.
The report comprises the market analysis of nine LED lighting application divisions for the period between 2008 and 2014.
According to the report, the worldwide LED fixtures market is estimated to reach $8.3 billion by 2014. The commercial availability of ultra-bright LED lamps with economical pricing, enhanced performance, improved knowledge about energy efficiency, incentives provided by countries across the globe and phasing out of incandescent lights are the factors influencing the widespread utilization of LED lights. However, quality problems remain a major hurdle for the LED market. Despite this, energy conservation will drive the commercial utilization of the LED technology.
In 2010, consumer portable applications were the largest sector of the LED fixtures market. Reducing the cost involved in developing LEDs into fixtures is a major issue for the LED market. Color changing applications for entertainment and architectural uses in total had generated revenues of over $1 billion in 2010.
Residential lighting is a rapid growing segment that is expected to grow at a CAGR of 44% for the period 2008-2014, while the outdoor illumination applications will register a CAGR of 38% for the same period. The industrial and commercial applications are estimated to generate revenues of over $1 billion in 2011. At present, China is the largest supplier and largest market of LED fixtures.