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<< Go Back Posted By:administrator on May 07,2015in Industry News

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The worldwide lighting market will grow to approximately $159 billion in 2020, with 80% of that total from general lighting, according to a report from McKinsey & Company. The LED lighting market will amount to almost $94 billion by 2020, representing close to 60% of the total lighting market. LED Residential Lighting and LED Commercial Lighting will continue to be the two main contributors to this projected number.

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The Replacement market for LED lightings holds an obvious advantage and growth potential in the overall LED lighting industry. Currently there are about 9 billion incandescent bulb products on the market; experts estimate that by 2020 the number will reduce to less than 2 billion.

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In the Replacement Lamps market, A19, also known as A60, and MR16 will meet large market demand in the following 3 years according to a study conducted by Strategy Unlimited.

However, market forecasts that after 2019, the LED replacement market will experience a slow down in growth because of the long-lasting nature of LED bulbs. Despite that, it will still be the strongest revenue contributor to the global LED lighting industry compare to other lighting products.