The beginning of 2013 has been a good start for the Light Emitting DIODE (LED) market, the sales have increased at a faster than expected rate. Further rise is expected to arrive the second quarter of the 2013 which will peak the sales more. This optimistic condition will continue after that, in comparison with the subdued development in 2012, caused by the financial turmoil in the Eurozone.
The global LED lighting market is estimated to be $25.4 billion in 2013, showing a 54% growth on the 2012 figure of $16.5. LED technology is swiftly gaining preference over traditional lighting methods due to their constant innovations and improvements in their lighting performance, besides they have a better understanding of LED illumination technology and are pocket friendly as they use cost reduction methods.
Traditional Lighting Companies V/S LED lighting Companies
The lighting industry has been comparatively stable over the past century. The traditional lighting companies have been facing a serious loss since the arrival of LED lights. The key-players remained in their positions, but the arrival of recent market of LED technology points towards a crucial paradigm shift of the entire lighting and illumination industry. In the past, they were a step ahead in lighting manufacturing because of the skilled glass furnaces needed for bulbs. But new technology of LED making has given a way to new companies to enter the market, taking away the share of traditional lighting companies. With the emergence of new LED producers and companies all over the world, the traditional lighting companies are being pushed behind and are experiencing growing pressure to remain in the top. The rising demand for LED lighting market is pressuring manufacturers to realize their vast potential in exporting products to the market. The growing science of LED technology gives a boost to the competition, LED companies are aware that rising sales volumes are possible if they lower the prices for the consumers and hence they are installing high-grade production techniques to ensure efficiency at low costs.
The following factors will create a major expansion in the LED lighting market, which will beat even the major gains forecast over the last one to two years. A market report also suggests that LED lighting will obtain 38.6% by 2015 in the global lighting market .