LED could take up quarter of lighting market in 2014

LED-based products will make up 23 per cent of the lighting market by the end of the year, according to a new study.

Research from LEDInside predicts a continuing trend over the next five years with LED tubes in particular set to rise in demand, being applied extensively in retail, offices and underground parking lots.

Joanne Wu, associate manager of LEDInside, said that the LED tube market demand will increase from $2.58 billion (€1.91 billion) in 2013 to $8.87 billion (€6.56 billion) by 2018. Spotlights and bulbs are also high on the list of LED products that will gain a larger market share.

Reports from big players in the industry such as Philips and Osram support the trend, with LED products now making up 33 per cent of Philips’ total lighting sales, and 34 per cent of Osram’s.