Research And Markets Publishes LED Lighting System Technology Trends & Market Forecast
The LED lighting system market is expected to kick into high gear around 2013 and start to grow rapidly from 2015. In terms of revenue, the market is expected to reach $55 billion by 2020, from a mere $93 million (2012), with a high growth rate of 92.4% CAGR.
The LED lighting market is hitting its stride, boosted by government efforts to support the energy industry, including LED lighting, through support programs and regulatory reforms. LED lighting systems are the next-generation lighting systems. Concepts are based on cross-industry collaboration that enables remarkable energy savings through convergence of IT technologies and LED luminaires and provides multifunctional solutions, including human-centered, eco-friendly, and customized contents.
Based on these features, LED lighting systems are bringing about a paradigm shift in the lighting industry. LED lighting systems are an epoch-making technology that can maximize the energy saving effect of LED luminaires and respond to user's emotional reactions.
It is widely acknowledged that shifting typical LED luminaires into system luminaires enables further energy savings by 50% through integrated intelligent management, connection with sensors, and customizable control. Thus, it is expected that the commercial sector will play a crucial role in forming the LED lighting system market in the initial stage, creating a ripple effect to other sectors such as industry, outdoor, and residential sectors.
The LED system luminaire market is expected to take hold between 2013 and 2015 and start to grow rapidly from 2016. The estimated penetration rates for each sector by 2020 are as follows. Considering governmental policies and increasing electrical tariffs, it is expected that the industrial sector will see the biggest growth, reaching about 18% of the industrial LED lighting sales in 2020.
The penetration rate of the commercial sector is expected to increase up to the Energy Management System (EMS) installation rate (18% of the entire buildings in the U.S.). This can be accelerated depending on individual government programs and regulations on commercial buildings. It is expected that Building Energy Management Systems (BEMS) will also contribute to driving the market growth.
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