According to a market forecast and analysis report, the market value of LED lamps installed for general lighting in the U.S. reached US$1.22 billion in 2014 and will rise at a 22.4% CAGR to US$3.36 billion in 2019. The consumption value is forecast to increase with strongly rising quantity growth slightly offset by declining average prices.
The market study breaks out the forecast by eight major lamp types: PAR, A-Type, decorative, MR-compatible, tube and strips/tape, streetlights, high-bay, and other/ miscellaneous LED lighting.
The report quantifies the LED tape by the meter price/quantity, and over 15 million meters are expected for installation in 2015 in the U.S. LED strips have LEDs on a flexible printed-circuit board, and the super thin profile and narrow width make them suitable for a multitude of purposes where fluorescent lights or halogen lights would be too bulky and consume too much power.
The report notes that installed value of LED lamps used in streetlighting in the U.S. is forecast at US$ 728 million in 2019. The government sector leads in terms of consumption value in the LED streetlight product category. In 2014, the government sector held 80% of the total LED streetlight market in the U.S.