Global LED lighting sales forecast to soar this year
June 3, 2014, 12:04 am TWN
TAIPEI -- The global market penetration rate of LED commercial lighting will soar in 2014 amid the growing popularity of the product, according to a market information advisory firm.
The growth of the global LED commercial lighting market penetration rate will reach 23 percent by the end of the year, LEDinside said in a recent research note.
The global LED tube market totaled US$2.58 billion in 2013 and will increase substantially to US$8.87 billion by 2018, said Joanne Wu, an associate manager at LEDinside.
LED tubes have become prominent in the commercial lighting sector, due to rapid improvements in design and high cost-performance ratios, Wu said.
Supermarkets, office buildings and underground parking lots are using LED tubes extensively, she added.
Europe, North America and China are the biggest players in this sector and are anticipated to become major markets within the next five years, Wu predicted.
Manufacturers should grab this opportunity and improve their products, such as boosting luminous efficacy, lifespan and light quality, she suggested.