Global Market for LEDs to Reach $105.5 Billion by 2019
The North American, European and Asia-Pacific regions have traditionally been the largest consumers of high-brightness LEDs. Over the forecast period, Chinese consumption will grow at the most rapid rate. This migration follows the path of other products that China initially produced and then sold to the general population. By the end of the forecast period, China’s percentage of consumer use will have nearly doubled.
Lighting is one of the most widespread, important and growing energy users. In the U.S., recent data indicates that slightly more than 12% of electricity and 6% of all energy is consumed just to provide lighting. Global production of energy for lighting is approximately 3,400 TwH annually or the equivalent of about 1,700 power plants. Related carbon emissions were estimated at over 400 million tons per year. Improvements in lighting efficiency, therefore, should have an important economic and environmental impact.
“LEDs already exceed the estimated life spans of conventional lighting systems and, coupled with their environmental advantages, they represent a big step into the future,” says BCC Research analyst Andrew McWilliams. “Solid-state lighting could affect many phases of industry and consumer markets, as well as affect savings in dollars and environmental waste.”