The LED lighting market is looking good as governments are searching for innovative ways to reduce energy usage. According to LEDs Magazine, the European Photonics Industry Consortium (EPIC) reported that high-brightness LED light (HB-LED) demand grew 4.3 percent over 2010. Market research predicts that the global demand for LED lighting will grow from $12 billion in 2011 to $16.2 billion in 2014.
According to IMS Research, the U.S., Japanese, Chinese and other global markets have set goals for converting to LED lighting. The 2011 earthquake and resulting power shortages in Japan also prompted those in the private and public sectors to find new ways to reduce their energy consumption. The Japanese government aims to achieve a 50 percent LED light penetration rate by 2015 by incorporating LED lights into headlamps, streetlamps and other large applications, such as signage. Other countries, like South Korea and China, have also set LED lighting targets for 2015.
China has the most LED light manufacturers, and IMS Research forecasts that more than 50 percent of the LED lighting market in 2016 “will be controlled by merchant power supply manufacturers.” Industries that will increase their LED usage include those related to mobile appliances (such as cell phones and tablet computers) and the automotive segment. Consequently, the price of LED lighting is expected to fall.
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