THE LED lighting market is set to reach US$30.5 billion in 2016, with explosive growth for the professional lighting markets, claim TrendForce.
The 2016 Global LED Lighting Market Trends Report by LEDinside, a division of TrendForce, estimates that the scale of the LED lighting market will reach US$25.7 billion in 2015 and expand to US$30.5 billion in 2016.
The penetration rate of LED lighting is also projected to climb from 31 percent in 2015 to 36 percent in 2016.
Sharp price declines means narrowing margins for consumer LED light bulbs and light tubes, prompting lighting companies to shift their focus to professional lighting markets. Economic growth and government spending in new public projects and infrastructure is expected to create new opportunities for LED lighting.
According to TrendForce, sectors with tremendous growth potentials include industrial lighting, commercial lighting and architectural lighting.
According to the analysts, lighting companies are increasingly adopting LED technologies in their solutions, with LED now counting for a greater share of product portfolios.
Demand growth for LED lighting products has been strong in the commercial/industrial applications, with the fastest growth found in troffers, panel lights, tunnel lights and high/low bay lights. New applications are also emerging, including smart lighting and light communication.