Further expansion of Global LED lighting market
August 5, 2014, 12:00 am TWN
TAIPEI--The growth of the LED lighting market worldwide will continue in 2014 amid increasing popularity of the products, according to a market information advisory firm.
The global market for high brightness LED products is expected to reach US$14.4 billion this year, up from US$12.4 billion in 2013, LEDinside said in a research note last week.
The market is estimated to increase to US$16.6 billion by 2018, with a compound growth rate of 4 percent, the research firm added.
In addition, the LED package market value for lighting applications will total US$4.88 billion and maintain a market share of 34 percent in 2014, the advisory firm said.
Major Taiwanese LED products suppliers also projected earlier this year that the industry will reach a turning point in 2014, with demand and supply approaching a balance in the second half of the year.
With demand for LED lighting expected to grow by an annual 50-100 percent in 2014, many local LED companies in the red are seen likely to shift to profit this year.