13 July 2012
LED lighting market to grow at 9.9% from $19.5bn in 2012 to $31.4bn in 2017
According to a new report ‘Light-Emitting Diodes (LEDs) for lighting applications’ from BCC Research, the market is projected to rise at a compound annual growth rate (CAGR) of 9.9% from $19.5bn in 2012 to $31.4bn in 2017.
Graphic: Value of LED shipments by industry, 2011 ($m)
The LED market can be broken down into five categories, says BCC: general illumination, mobile devices, signaling & signage, display backlighting, and automotive.
Of total LED shipments of $16.8bn in 2011, shipments of $5.88bn for general illumination applications accounted for the largest share (35%), followed by $5bn for cell phones and other mobile devices (29.9%), $3.1bn for signaling & signage applications (18.6%), $2.2bn for display backlighting (13.1%), and $580m for automotive (3.5%).
Shipments for general illumination are expected to rise at a five-year CAGR of 15.4% (the second-fastest-growing sector), from $7.6bn in 2012 to $15.6bn by 2017 (remaining the largest sector).
Shipments of LED display backlights are expected to grow the fastest, at a CAGR of 16.9% to $5.9bn by 2017 (becoming the second-largest sector).
Mobile devices formed the second-largest sector in 2011, with shipments worth more than $5bn, but should fall behind display backlights by 2017.
Meanwhile, the signals & signage sector is expected to fall from third largest in 2011 to fourth in 2017, at $3.6bn.
The automotive segment should remain the smallest of the five sectors analyzed, with shipments of nearly $858m by 2017.
High-brightness LEDs operate much more efficiently than traditional light bulb products. They use a fraction of the power needed for bulb technology, have much longer operating lifetimes, and contain substances that will not harm the environment. Different material structures are used to fabricate them, and their fabrication methods are unique.