Market status for solid-state lighting equipment in the form of LEDs
A solid-state lighting initiative has been in place for the past 10 years and is targeted at replacing traditional lighting products, such as bulbs, with LEDs. BCC Research provides a comprehensive analysis of the progress to date and its overall market potential.
Summary of report
Global shipments of high-brightness LEDs reached $5.5 billion in 2008. The market is projected to dip slightly to $5.4 billion in 2009 because of the global economic recession, but then increase at a compound annual growth rate (CAGR) of 8.1% through 2014.
LED shipments for the automotive market are expected to decline from $849.5 million in 2008 to $766.6 million in 2009. The automotive sector was affected severely by the economic problems and is managing its way back to the plus side. Shipments of LEDs in the automotive sector will reach $1.3 billion annually by 2014, a 5-year CAGR of 11.5%.
Display backlighting has been and still is a growing market for LEDs. Shipments reached $869.4 million in 2008 and are anticipated to rise to $933 million in 2009 and then to $1.5 billion by 2014, a 5-year CAGR of 11.1%.
Mobile devices, the largest portion of the LED market, recorded revenues of $2.5 billion in 2008 and will decline slightly in 2009 to an estimated $2.4 billion. Despite the growing saturation in this part of the market, shipments of new mobile devices with additional features are projected to reach $3 billion by 2014.
The combined market for signals and signage applications recorded revenues of $692.3 million in 2008 and will increase to $717.3 million by 2014. The 2009 to 2014 CAGR for these combined markets is 8%.
General illumination, which has the largest long-range potential for LEDs, had shipments in 2008 valued at $548 million. They will grow to an estimated $564.5 million in 2009 and then to $1.2 billion by 2014. Their CAGR is projected to be 16.6%, the highest of all the industries.
We see reasonable economic recovery for all of the industries in this report. The automotive and mobile device markets were the hardest hit in 2008 but will join the others in recovery in 2009 and more normal growth by 2014.
We combine the value of all five industry shipments for 2008, 2009, and 2014 in the Summary Table.
SUMMARY TABLE
GLOBAL MARKET FORECAST FOR HIGH-BRIGHTNESS LEDS,
BY INDUSTRY, THROUGH 2014
($ MILLIONS)
|
Industry |
2008 |
2009 |
CAGR% 2008–2009 |
2014 |
CAGR% 2009–2014 |
|
Mobile devices |
2,570.0 |
2,442.0 |
-5.0 |
3,038.5 |
4.5 |
|
Display backlighting |
869.4 |
933.0 |
7.3 |
1,579.5 |
11.1 |
|
Automotive |
849.5 |
766.6 |
-9.8 |
1,322.0 |
11.5 |
|
Signals and Signage |
692.3 |
717.3 |
3.6 |
1,055.1 |
8.0 |
|
General illumination |
548.0 |
564.5 |
3.0 |
1,219.0 |
16.6 |
|
Total |
5,529.2 |
5,423.4 |
-1.9 |
8,214.1 |
8.7 |
Source: BCC Research
SUMMARY FIGURE
VALUE OF GLOBAL LED SHIPMENTS BY INDUSTRY, 2008-2014
($ MILLIONS)
Source: BCC Research
