MOUNTAIN VIEW, CA, APRIL 24, 2013 (Press Release)—The latest report “LED Luminaires—Market Analysis & Forecast”, Third Edition, from Strategies Unlimited characterizes the market for LED luminaires by applications. The decline in the price of LED light sources helped to trigger growth in the market. The revenues grew from $7.3 billion in 2011 to $9.4 billion in 2012, a growth of 28%. The e forecast CAGR for Revenues for LED Luminaires in all applications for 2012-2016 is 18%.
By 2012, LED luminaires had penetrated variety of applications. With large scale adoption of downlighting in commercial applications the revenues grew 76% between 2011 and 2012. Japanese commercial applications contributed to the high growth rate. The Japanese market growth is expected to continue but at a slower rate while all other regions are expected to increasingly adopt LED luminaires in commercial applications.
The market growth for LED luminaires is robust across with most regions growing at a CAGR of more than 15%. ROW will be the fastest growing region at a CAGR of 23%. Except for consumer portable and emergency lighting applications, all other applications are expected to have CAGR in double digits.
With the conversion of the main stream office lighting starting end of 2014, commercial lighting is expected to dominate other applications with a CAGR of 31%. Residential lighting applications starting from a small base and with help from the sale of ceiling lights in Japanese homes will have a CAGR of 23%. For outdoor lighting, in spite of CAGR of 37% for units, the revenues are expected to grow on an average 17% between 2012 and 2016.
This report is the latest in a series of reports on LED Markets. This follows the market research reports on LED Downlights (2012) LED Replacement Lamps (June 2012), LED s in Lighting (April 2012), HB-LEDs (September 2011), LED Driver IC (July 2011), LED Outdoor Area and Street Lighting (September 2011) and LED Luminaires (February 2011). Founded in 1979, Strategies Unlimited specializes in market research and strategic consulting directed at photonics systems and components. The company, based in Mountain View, California, is a research unit of PennWell Corporation, a global media and information company. The LED & Lighting Media Group of PennWell includes LEDs Magazine, website, e-newsletters and Suppliers Directory; market research with Strategies Unlimited; and leading events with Strategies in Light, LED Japan/Strategies in Light and Strategies in Light Europe.