LED Lighting Market to Reach 80% Market Share
Worldwide Market Share of 80% for LED Illumination by Year 2020
The LED lighting market is expected to reach a market share of 80 percent by the year 2020.
LED technology is rapidly gaining in value and preference over traditional lighting methods due to steady cost reductions and constant improvements in LED lighting performance, along with growing knowledge and understanding of the significant benefits of using LED illumination technology. Former CEO of Phillips Lighting, Ludo Carnotensis, recently stated that 80% market share due to the competitive global scenario of LED technology is highly plausible. Whereas the LED industry's share was just over 10% in 2012, it is already expected to more than double with up to 25% of the market share in 2014. Paradigm Shift of the Lighting Industry The exponential increase in demand, stability and dependency of high-tech LED lighting products pressures traditional lighting companies due to increasing competition from worldwide LED manufacturers and upstream wholesale suppliers and technology solution providers primarily based in Asia.
Where is LED technology taking us and why is this full of advantages for consumers, manufacturers and the earth as a whole?
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