The LED market was valued at $8.05 billion in 2017 and is expected to reach a value of $15.97 billion by 2023 at a CAGR of 12.6%, according to a report by Research and Markets.
The demand component, on the other hand, was valued at USD 3.10 billion in 2014, and is projected to grow at a CAGR of 12.80% over the forecasting period (2018-2023) to reach $6.38 billion by the end of 2020. According to the report, LEDs have outshone many traditional lighting technologies in terms of lifetime, energy efficiency, color quality and versatility. Due to their increasing cost competitiveness, this technology has begun to successfully compete in a variety of lighting applications.
The report notes that LED technology holds unique advantages over traditional technologies, such as halogen, incandescent and compact fluorescent lamp (CFL) lighting. LED lights are currently three to five times more energy efficient than traditional technologies and will become even more efficient, a very important advantage considering that more than 50% of the total cost of lighting comes from the energy consumed. Another key advantage LEDs hold is the longevity. Research and Markets notes that LED lamps last roughly 10 times the life span of incandescent lamps and 4 times to that of CFL lighting.
The report notes that major players in the LED market include:
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