Projections reveal that the global lighting market will have revenues of approximately $138 billion in 2020 – comparable to the global TV market. A number of megatrends underlie this expansion. Global population growth and urbanization are increasing the overall demand for lighting products. At the same time, resource scarcity and climate change are of increasing concern. Governments around the world are responding to this with greater regulation aimed at increasing energy efficiency, and the lighting industry is addressing the issue by pursuing the development and enhancement of more energy-efficient lighting technologies.
The advent of LED – only the fourth lighting technology in the history of humankind – is set to transform the lighting industry. LED costs continue to decline at a rate of 30 percent per year, and this growing affordability has prompted industry analysts to project revenue expansion of 30 percent per year and a global adaption rate of LED lighting representing approximately 60 percent of the overall lighting market by 2020. New growth opportunities are also emerging in the area of intelligent lighting systems resulting from the greater controllability of LED-generated light, resulting in an expected $9 billion in revenues in lighting systems control components in 2020.
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