USA: The LED revolution is here! Adoption rates of LED lighting are expected to soar in the coming years as the efficacy and quality of LEDs surpass those of competing technologies and as prices fall to enable reasonable payback periods.
Between 2011 and 2012, more efficient manufacture through improved luminaire designs utilizing high lumen packages arranged in multichip arrays contributed to cost reductions in LED luminaires triggering market growth and adoption.
Revenues grew from $7.3 billion in 2011 to $9.4 billion in 2012, representing a growth of 28 percent. The forecast CAGR for revenues in LED Luminaires in all applications between 2012 and 2016 is 18 percent.
Except for consumer portable and emergency lighting applications, all other applications are expected to post compound growth rates in the double digits. Robust market growth for LED luminaires is expected to surpass 15 percent CAGR in most regions as LED luminaire adoption for commercial applications continues to rise.
Lighting is the fastest growing market segment for LED technology. To understand this dynamic market and its driving forces, Strategies Unlimited has released a comprehensive report that looks at the demand of the high-brightness LED lighting luminaire market. The report includes an application analysis, worldwide market review, five-year market forecast and an appendix of LED Luminaire manufacturers.