According to TrendForce, the global LED lighting market is expected to reach $25.7 billion (over £16 billion) in 2014 and rise a further 30% in 2015. Trendforce has predicted that those receiving the most revenue will be Philips, Panasonic, Toshiba, GE and Osram.
As technology develops, the LED market is expected to rise considerably as cheaper manufacturing costs are found and energy savings are further decreased. According to Digitimes, the use of LED light bulbs will increase to 60-70% over the next 5 years.
Digitimes research reports that global demand for LED lighting products as well as LED based lighting systems and will increase by 180-190% in 2018. It also reported that global demand for LED lighting will also increase considerably for conventional lighting products in 2017.
Author of the market report, Joanne Wu, said: “Branded manufacturers have grown in terms of revenue, but that has not always resulted in high profits. Manufacturers are profit driven. They will employ great efforts to increase their profits as LED lighting becomes increasingly commonplace in the professional lighting market.”