Vrinda Bhandarkar, Director of Research for LED Lighting with market-research firm Strategies Unlimited, said that the total revenue from the LED lighting market was $5.5 billion in 2010 and $9.4 billion in 2011.
The results were presented during the Solid State Lighting Investor Forum at Strategies in Light 2012, which opened today.
Moreover, the LED lighting market is predicted to grow at a compound annual growth rate (CAGR) of 20% from 2011 to 2016.
Commercial and industrial lighting was the biggest growth sector. Bhandarkar said that almost 23 million LED-based downlights were sold worldwide during 2011.
Compared with previous forecasts, the growth in sales of LED lamps has been scaled back, since the products are still expensive and alternatives are available.
However, sales of LED luminaires of many types were higher than previously expected. Bhandarkar said that users are beginning to appreciate the benefits of LED lighting, beyond light output. “LEDs allow you to think about quality of light and control, not just quantity of light,” she said.
LED components for lighting
The total market for LED packages used in lighting applications reached $1.8 billion in 2011, up from $1.2 billion in 2010, according to Ella Shum, Director of LED Research with Strategies Unlimited.
|LED components market|
The revenue growth for LED components (13%) is less than for LED lighting products (20%) because the average number of LEDs per lamp or luminaire will decrease, and LED pricing will continue to fall.
The growth in LEDs for the lighting sector will help to offset the decline in LED revenue from backlighting (which includes LED backlights for TVs and monitors) and mobile sectors (the latter includes notebooks and tablets).
Overall, said Shum, the total market for packaged LEDs will grow from $12.5 billion in 2011 to $13.3 billion in 2012. It will stay roughly flat in 2013 and then decline slowly (see chart). The overall CAGR from 2011 to 2016 is forecasted to be -0.2%.