The market for LED lighting is expected to grow to $25 billion in 2023, according to a study by Lux Research. That’s more than 12-fold what it is currently at $2 billion.
The research firm used historical trends and projected average price reductions to build a model that calculates the adoption rate of LEDs in a variety of applications including offices, industrial and street lighting.
“As LED packages rapidly fall in cost and improve in efficiency, the cost structure of LED luminaires will shift, and present opportunities in other components such as secondary optics and drivers,” said Lux Research associate Christopher Hwang.
Other key findings included how efficiencies will drive down LED package costs; how high-CRI LED will remain a niche product; and how optic market represents a huge opportunity.
Source: Semiconductor Today