Worldwide revenues in LED markets will quadruple to more than $36.5 billion by 2017, according to updated research by Frost & Sullivan, World LED Lighting Markets (2013 Update).
The market earned revenues of $9.18 billion in 2012 and estimates reach up to $36.52 billion in 2017. The residential and outdoor application segments, in particular, will witness rapid growth.
Reductions in energy consumption and greenhouse gas (GHG) emissions in lighting, which accounts for 15 percent of global energy usage and 5 percent of GHG emissions, are driving the light emitting diode (LED) market.
Market participants are offering integrated solutions that include consultation from concept to implementation along with maintenance services. Reduction in the prices of LED lamps too will boost global sale volumes.
However, the global LED lighting market has not reached its full potential as the phasing out of incandescent and compact fluorescent lamps (CFL) is still in progress.
While the recession-proof replacement market continues to grow, the dip in construction activities owing to the recent economic slowdown is affecting new installations. As a result, the global LED lighting market is expected to witness increasing consolidation with more mergers and acquisitions taking place to strengthen market presence and enhance brand visibility.