According to a new market research report, “Solid State and Other Energy Efficient Lighting Systems, Application and Market Trends (2010–2015),” published by MarketsAndMarkets.com, the total global solid-state and other energy-efficient lighting systems market is expected to be worth $53.5 billion by 2015, out of which the compact fluorescent lamp (CFL) market will account for nearly 31.2 percent of the total revenue. The global market is expected to record a compound annual growth rate of 9.7 percent from 2010 to 2015. The scope of the report covers solid state and other energy-efficient lighting technologies from CFLs to light-emitting diodes (LEDs).
The field of lighting has witnessed dramatic technology developments in the past few decades, especially in the subfields of solid-state lighting and other energy-efficient lighting technologies. According to MarketsAndMarkets.com, conventional incandescent lamps are likely to reach obsolescence with the arrival of high-brightness LEDs.
According to the report, LED lighting is gaining double-digit growth because of its high energy efficiency, high efficacy, long working life, and robust weatherproof design.
The report also states that the imminent ban on the use of incandescent lamps in the United States and parts of Europe and Asia will significantly boost the solid-state and other energy-efficient lighting market, which is estimated to reach $53.5 billion in 2015 from about $33.6 billion in 2010.
The Asia-Pacific region dominated the solid-state and other energy-efficient lighting market in 2008 and stood at $13.0 billion in 2009. It was expected to have the largest market share in 2010 and comprises 46.3 percent of the global solid-state and other energy-efficient lighting market in 2010. Asia has a large pool of solid-state and other energy-efficient lighting products manufacturers due to the lower labor and overall low manufacturing costs in the region; the region is also a major consumer. Developed economies such as the United States and Europe are also major consumers of these products.
The LED segment of the lighting market is expected to grow at a compound annual growth rate of 17.3 percent from 2010 to 2015 due to its increasing penetration into backlighting and pure lighting application markets.
In addition to market sizes and forecasts, the report also provides an analysis of trends and factors influencing market growth, offering geographic details of the solid-state and other energy-efficient lighting applications markets in the United States, Europe, Asia-Pacific and rest of the world. The report draws competitive landscape of the global solid-state and other energy-efficient lighting market, providing in-depth comparative analysis of the technological and marketing strategies adopted by key players in order to gain an advantage over competitors.