According to recent Market Research, conducted by Allied Market Research (AMR), the LED market will reach $42.7 billion by 2020. The study is called ‘Global Light Emitting Diode (LED) Market (Technology, application and Geography), 2013-2020’.
LED light bulbs are the latest when it comes to lighting technology and with their energy efficiency, life expectancy and absence of hazardous chemicals (mercury) they have overtaken Compact Fluorescent (CFL) lighting within the lighting market.
LED light bulbs are expected to have a 20% share of the global lighting market by 2020. However, the demand for basic LED in backlighting applications would decline as OLED broadens its horizons of applications and would eventually overtake LED based mobile displays. When it comes to technology LED light bulbs currently hold 60% of the market but this may change with the rapid expansion of OLED technology.
AMR analyst, Ranjan Singh, said:
The growth in revenue will be slower than the rise in unit sales of LED light bulbs due to the constantly declining price of LED. However, the overall market would grow at a constant pace due to growing demand for LED light bulbs and expanding applications. Continuous development in the technology suggests huge underlying potentials for OLED light bulbs during the forecast period.
Osram opened its LED assembly plan in Wuxi, China to expand it’s LED capacities and to strengthen its place in the global LED market. The key companies in the market include: Cree, International Light Technology, Philips, LEDtronics, Osram, Samsung and GE Lighting. Bichia, Samsung and Osram held nearly 35% share in the global LED market revenue in 2013.