Since the introduction of LED lighting and LED panel lights the market has shown to be slowly and continually changing the lighting market and cut into conventional sales. In 2013 the UK LED lighting market was estimated roughly to be worth around £330 million, since then it has risen and is set to continue to grow at the rate of 3 per cent that it already has between 2010 and 2014.
LED Market Shares
The global lighting market continues to increase from 112 billion dollars in 2014 and has announced to be worth 133 billion dollars in 2020. The growth of the LED market has predominantly seen development due to more and more households gaining access to electricity which may seem odd as all households in the UK have this. Yet according to a recent report the development of the LED market has shown rapid development due to economies such as China and countries in Latin America accounted for about 70 per cent of the lighting industry growing over the past five years. Research has shown and noted that the LED market shares will increase by 5 per cent in 2010 to a massive rise to 45 per cent in 2020 with profits consistently remaining steady and rising to 6 billion, they are currently estimated to be worth 4.9 billion.
Shift In Trends
Research in the lighting industry shows considerable shifts over the past 5 years, as in 2010 over half of the market was made up of conventional luminaries while only 14 per cent came from conventional lighting. Yet in 2014 the market share for both categories dropped to 41 per cent and 12 per cent. During the same period of 2010 and 2014 there was an initial rise of LED’s which jumped from 5 per cent in the market share to 15 per cent. It is predicted that by 202 this trend will have greatly changed as LED lighting is presumed to dominate the market, with a 45 per cent share. After LED, automotive lighting is set to be the next popular with having shares in the industry that will increase from 17 per cent in 2010 to 19 per cent by 2020. The share of conventional luminaries which once dictated the market is expected to drop to 11 per cent and conventional lamps to decline to just merely 4 per cent.
Trends have been changing in more recent years due to the affordability and cost savings of LED panel lights and lighting, it has been dually noted that more and more office spaces and homes are investing in LED lighting systems and as a result the LED segment for professional spaces will rocket to about 80 per cent by 2020. The investment in lighting systems is set to increase due to the amount of potential surrounding the LED market. LED lighting already enables companies and homeowners to save a large amount of money and this is only meant to increase especially with the introduction of smart systems, which is predicted to increase further savings of up to about 40 per cent.