May 14 2019
Estimates of the expected size of any global market can fall anywhere on a spectrum between industry proselytizing and genuine objective data. Even when an estimate is affected by industry cheerleading, however, genuine growth in that industry cannot be discounted. The global LED market is a good example of very real growth that is bolstered by industry enthusiasm. Specifically, Allied Market Research, a global market research consulting firm, has estimated that the size of the global LED market will be $42.7 billion by 2020. If accurate, this estimate indicates that the global LED market that will more than double in a period of five years.
Allied Market Research has met its expectations by examining current Market demand for compact and cold cathode fluoresces (CFL and CCFL), two key technologies that will be replaced by leds. Demand for these displays continues to grow exponentially, and leds are poised to dominate the market. LED has better performance and durability than CFL and CCFL. LED manufacturers, including SpecGrade LED, are implementing new designs and technologies to broaden the appeal of LED lighting while improving quality and specifications. Manufacturers are also working with end users to better transform leds into traditional lighting products.
Allied Market Research is also looking at new potential applications for LED technology, including in the medical and forensic testing industry. As end users become familiar with the functions of LED technology, more LED applications are likely to be rolled out, thus further increasing the growth potential of the global LED market.
Global LED market growth
The global push for "green" technology is also driving the growth of the LED market. LED lighting systems use up to 50% energy to produce the same light intensity as CFL and CCFL. This reduced energy consumption directly translates to a reduction of more than 735 million tons of carbon dioxide emissions per year, as the adoption of LED technology will reduce the need for fuel and gas-fired power plants.
Consumers and other end users who are considering switching to LED technology could benefit by making the switch faster. The price of LED technology has fallen, but the expansion of the global LED market may lead to increased demand for LED products. If manufacturers cannot maintain supply to meet demand, that demand could reverse the current downward trend. The upfront cost of the LED lighting system will offset my reduced operating and maintenance costs.
Switching to LED technology will also enable end users to adopt new LED developments more quickly, without having to implement LED retrofits when demand for these retrofits starts to soar. Early adopters of the technology could benefit from discounts that manufacturers and installers were more willing to offer before the LED market reached $42.7 billion.
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