The research report indicated that LED lighting has yet to reach its tipping point. Prices continue to drop, rebates continue to incentivize, and LED lighting manufacturers continue to come up with new and exciting ways to make LED lighting relevant and desirable.
With LEDs, customers are able to install lighting where they never would have thought before, opening up new opportunities. Smart, controllable lighting will also have an impact on adoption rates as this creates huge possibilities for the consumer - think energy savings, labor/maintenance savings, indoor navigation, and improved security. As a result, packaged LEDs in lighting will continue to be a growth segment.
Lighting won’t be the only sector to see healthy growth over the forecast. Automotive is also poised for strong growth as LEDs in headlamps and daytime running lights continue to be an option in cars, and not just high end cars. LED revenues in exterior automotive lighting applications are forecast to have a CAGR of 15%.