A new research report from IMS Research in July 2011 states that LED lighting is driving growth in the global lighting market. Previously stagnant, the lighting market is experiencing new growth. IMS Research Lighting Market Analyst, Philip Smallwood, states that “Growth is stemming from advancements in LEDs which are increasing their efficiency, while decreasing their overall price. Currently, LEDs make up 10% of the total lighting market ($US), but by 2015, this is expected to increase to 46%.”
According to IMS, the new LED market is bringing new entrants to a rather stagnant lighting market that was dominated by the same global lighting suppliers for decades. Innovations in LED technologies have opened the door for these new suppliers to develop different niches within the lamp (light bulb) and luminaire (lighting fixture) markets. This creates a great growth environment.