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LED Lighting: The Rise of Asia
Aug 01,2013
LED lighting sources continue to erode the fluorescent lamp market. Lin Zhixun, head of the Energy Research Group at the Industrial Technology Research Institute (ITRI), pointed out yesterday (31st) that it is estimated that by 2017, the global LED lighting market size will reach 54.5 billion USD, with a penetration rate of 48% in the overall lighting market. Moreover, Asia has become the focus of production and consumption, with Mainland China likely to replace Western Europe as the largest application market for LED lighting in 2016.
Lin Zhixun pointed out that through government policy support and rapid price declines, the global demand for LED lighting is growing rapidly. It is estimated that the global LED lighting market size will grow to 27.2 billion USD in 2013, with an annual growth rate of 35%, accounting for less than 20% of the overall lighting market penetration. As the market gradually grows, coupled with various governments continuously formulating energy-saving regulations, the penetration rate is expected to reach 48% by 2017, with a market size of 54.5 billion USD.
The unit price of LED lighting continues to decline, and the trend of eroding the fluorescent lamp market has been established, driving high growth momentum for LED lighting. Lin Zhixun said that the profits from institutional components and distribution channels will be key to the subsequent price decline of LED lighting products. It is estimated that the growth momentum of the replacement market will reach saturation between 2015 and 2016, and demand will gradually shift towards functional lighting products. It is expected that the global penetration rate of LED lighting will exceed 30% in 2015 and reach 48% by 2017.
From the perspective of market development in various regions, Lin Zhixun said that although the European market already has a high market penetration rate, Mainland China has also become a major manufacturing center for LED lighting, continuing from the traditional lighting era. Additionally, as Mainland China intends to develop LED lighting, it is estimated that it will replace Western Europe as the largest application market for LED lighting in 2016. Furthermore, with the high development potential of emerging countries, Asia will be the main market for LED lighting production and consumption.
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