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Memoori estimates that revenue from the global LED Lighting market for buildings hit US$ 8.1 billion in 2013 and will rise to around US$ 10.3 billion by the end of 2014.
The market will have grown still further to total almost US$ 23 billion by 2018 –
This represents a compound annual growth rate (CAGR) in the overall market of 22.8% over the 6-year period.
Beyond the time frame of this report, revenue growth will slow as cost competition intensifies; with the size of the LED lighting market expected to level off by around 2020.
A combination of continued consumer confusion over the benefits of LED lighting, a slow decline in sale prices and lower than expected global GDP growth meant that 2013 revenue growth for LED lighting was disappointing.
However oversupply concerns are likely to ease towards the end of 2014 as capacity is absorbed by a steady increase in global demand.