Sure, five percent of the global lighting market might not seem like a lot, but when you consider that LEDs only snagged just 2 percent of the market in 2009, it’s a sign of healthy growth. And it’s only going to grow bigger from there.
According to this DigiTimes report, Philips expects LED lighting to comprise 10 percent of the global lighting market in 2011, which the company sees as a tipping point that will help usher in big sales. With a compound annual growth rate of 49 percent during the 2010-2013 timeframe, the energy efficient solid-state lighting tech will create a $4 billion USD market by 2010, up from $2.85 billion in 2009, and make up a full 10 percent of the light bulb market by 2013.
LED’s growth is being fueled by laws that promote energy efficiency by phasing out incandescent bulbs, government incentives and falling LED prices. It’s factors (and outlooks) like these that are stirring interest in LED startups like Cree and boosting the fortunes of Philip’s own San Jose, Calif.-based LED company, Lumileds.
Philips also shared some more interesting worldwide LED market stats. North America is the largest market for LED lighting with 40 percent market share, followed closely by Europe at 33 percent, China with 21 percent and Japan and other areas accounting for the remaining 6 percent.