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The light-emitting diodes (LEDs) market has been forecast to be worth a total value of $19.5 billion in 2012, and is then set to grow at a compound annual growth rate (CAGR) of 9.9% to hit a market value of $31.4 billion in 2017.
Growth within the light-emitting diodes market is set to be fuelled by shrinking costs, energy savings, as well as the fact that LED bulbs have an average lifespan of 50,000 hours.
High-brightness light-emitting diodes (HB-LEDs) operate much more efficiently than traditional light bulb products.
They use a fraction of the power needed for bulb technology, have much longer operating lifetimes and contain no substances that will harm the environment.
The global market for LEDs can be broken down into five categories: general illumination, mobile devices, signaling and signage, display backlighting, and automotive.
General illumination is the second fastest-growing segment of the LED market, with a projected 2012 to 2017 CAGR of 15.4%. It is projected to remain the largest segment through 2017, when shipments should reach $15.6 billion.
Mobile devices were the second-largest LED market segment in 2011, with shipments of more than $5 billion, but should fall behind display backlights by 2017.
By reducing costs and energy requirements, growth within the light-emitting diodes market is poised to grow exponentially in the future, as energy efficiency continues to be a mandate for consumers and governments worldwide.
For more information on the light-emitting diodes market, see the latest research: Light-Emitting Diodes Market Report
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