LED Market is expected to garner $42.7 billion by 2020, registering a CAGR of 13.5% during the forecast period 2014-2020. A couple of years ago, application of LED was limited to certain specific lighting needs and had not entered the mainstream general lighting applications. Entrance of LED in applications such as general lightings has given a strong thrust to the market. A variety of technologies are implemented in manufacturing of LED products.
The GlobalLED market is in its developing phase. The rise in the usage of LEDs in different sectors such as automobiles and mobile phones backlighting applications has given the necessary boost to the LED markets’ growth.
In the prevailing business scenario, environmental awareness is growing amongst the people. Increasing green construction is one of the major factors for the growth of the LED market in various regions.
Moreover, the growing display market and the reducing costs of the LED lamps are the contributing factors towards the growth of the LED market. On the other hand, the high investment cost in the replacement of the conventional lighting would hinder the pace of the market.
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