A new study conducted by Groom Energy and Greentech Media Research shows the LED lighting industry is set for rapid growth over the next four years as it makes its ascent to the perch of the lighting market.
The study, entitled Enterprise LED Lighting Research Report, states the LED market will grow 30% in 2011, and will see its global revenue to reach US$1 billion by 2014, a three fold increase from 2010's revenue of US$330 million. According to the report the four companies that the LED industry are: Cree, Philips, Lighting Science Group, and BetaLED.
The industrial and commercial sectors are expected to led the transition away from compact fluorescent and incandescent lighting, with the residential sector catching on later.
The study identifies three trends that are generating the rapid growth for LED lighting:
1. Recent technological advancements allow for more cost-effective designs of LED bulbs.
2. New financial incentives from utility companies for customers that make the lighting switch.
3. An increased desire of building owners to retrofit their properties so they operate more efficiently and for less money.