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The global market for light emitting diode (LED) luminaires will grow from about $3.9 billion in 2010 to $8.3 billion by 2014, a compound annual growth rate (CAGR) of 21 percent, according to researcher Strategies Unlimited.
Rapid improvements in performance and price of LEDs, a growing need for energy efficiency, and the phasing out of incandescent bulbs will drive LED luminaire demand.
Residential lighting is the fastest growing segment of the LED luminaire market and will have a CAGR of 44 percent through 2014. Outdoor area lighting applications, which benefitted from fiscal stimulus programs and the need for energy conservation, are expected to grow at a CAGR of 38 percent through 2014.
Consumer portable applications were the largest segment of the LED luminaire market in 2010. Global revenues for LED luminaires in commercial/industrial applications are expected to be more than $1 billion in 2011.