LED Lighting Spurs Global Lighting Industry Growth in 2014

News Source: 
Infotimes

The global lighting market value approximated US $11.16 billion in 2013, and is estimated to grow 4 percent to US $11.62 billion this year, according to statistics compiled by Taiwan’s Photonics Industry and Technology Association (PIDA). Although, the lighting market still mainly consists of fluorescent lamps, incandescent bulbs, and other types of light sources such as halogen lamps; LED lights have become a major market growth driver.

Starting in 2013, conventional lighting giants including Philips, GE, Acuity Brands, Zumtobel, Cooper Lighting and others have reported LED lighting business revenue growth from 40 percent to 70 percent. Since global LED component leader Cree entered LED lighting end market, the company’s growth rates were also close to 50 percent. These companies with high growth rates galvanized the global LED lighting market to grow 42 percent to US $18.8 billion in 2013. At the same time, the LED lighting market penetration rate also neared 17 percent and is projected to exceed 20 percent by 2014.

In 2013, the top ten global lighting manufacturers’ revenue was equivalent to 28 percent of the global lighting market value. The industry is not concentrated. This indicates the lighting industry is still dispersed, with strong regional or localized characteristics, said PIDA. In stark contrast, during the same period the global top 10 LED lighting manufacturers global lighting market revenue share was 61 percent. Although, the LED lighting industry is a slight oligopoly, and is not a monopoly, the level of industry concentration has increased.

U.S. manufacturers that have slowly transited from conventional lighting to LED lighting, and Chinese brands and OEMs, will all have growth opportunities in 2014, said PIDA. This will further propel the spread of global LED luminaires, and the rise of LED lighting.

 

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