LED lighting market to experience steady growth in 2013

USA: LED companies have been trending upwards in recent weeks due to potential growth within the lighting market, which has been dominated by the standard incandescent bulb for decades. Greg Sebasky, CEO of Philips' North American Unit, has recently stated that the LED lighting market will grow 40 percent in 2013, according to research firm IHS Inc.

In the US, LED bulbs account for less than 1 percent of the 5.6 billion bulbs used in residential homes. Although LED bulbs cost quite a bit more than the stand bulb, the higher costs of LED bulbs have begun to be justified by the consumer as they are 80 percent more efficient and can last for over a decade.

Philips Electronics NV recently unveiled a 60-watt equivalent LED light bulb that will sell for approx. $10. According to Bloomberg, Sebasky has said energy-efficient technology will be responsible for roughly 50 percent of lighting sale by 2015, an increase of 25 percent when compared to 2012.