Global LED lighting market could grow almost 50% in 2014
The global market for LED-based lighting solutions could see its value soar by nearly one-half over the course of next year, as the technology continues to improve and consumer awareness grows, a market advisory firm has projected.
Market value for LED lighting will soar to US$35.3 billion in 2014, a 47.8% year-on-year increase, according to a research note from LEDinside.
The research firm attributed the “fast growing market” to a change in purchasing habits, as LED lighting is beginning to overtake conventional lighting in the mindset of many consumers.
Global LED lighting penetration is also expected to increase to 32.7% from this year’s 26%, the research firm predicted, while penetration of LED bulbs and tubes will reach 20% and 15% of their respective markets.
The increase in demand suggests competitive LED chip manufacturers will continue to expand production capacity in 2014, said Jack Kuo, a senior analyst with LEDinside.
Aside from raising yield rates and machine operation time, Kuo said LED chip manufacturers will be acquiring more metalorganic chemical vapor deposition (MOCVD) equipment — a major part of optoelectronics manufacturing — to expand production capacity.
MOCVD is a chemical process for the production of thin films used in semiconductors and optical equipment, which promises higher reliability and fewer imperfections in the manufacturing process.