The global LED lighting market will reach US$25.7 billion and its market penetration will increase to 31% in 2015 as the overall lighting market grows to US$82.1 billion, according to a report from TrendForce.
Digitimes meanwhile reported that the LED penetration rate is expected to reach between 60-70% over the next five years due to decreasing prices and energy-saving capabilities, according to Everlight chairman Robert Yeh.
With the LED penetration rate reaching over 90% in LCD TV backlighting applications, LED makers are anticipating a surge of growth in the lighting market, as economies across the globe are looking to more energy-saving solutions.
Additionally, the LED industry will enjoy three golden years during 2014-2017, chairman Lee Biing-jye for Taiwan-based LED epitaxial wafer and chip maker Epistar said recently, adding that global demand for LED lighting as a percentage of all lighting products will increase to at least 30% in 2014. LED lighting penetration in Japan will remain the highest around the world and is expected to rise from over 50% in 2013 to about 70% in 2014, while the US market will grow from about 10% to 20%, Lee said.
Global demand for LED lighting products and LED-based lighting systems and services in 2018 will increase from 2013 by 190% and 180%, respectively, and global demand for LED lighting will begin to exceed that for conventional lighting products in 2017, according to Digitimes Research.