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.
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.
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.