Albany, NY -- (SBWIRE) -- 09/02/2015 -- According to the in-depth research study on global LED lighting market, the industry is expected to grow at an exponential 45% per year growth rate till 2020. The report, titled "LED Lighting: Market Shares, Strategies, and Forecasts, Worldwide, 2014 to 2020", is available for sale on the official site of Market Research Reports Search Engine (MRRSE).

The report further states that the global LED lighting market was estimated to be worth US$13.6 billion in 2014 and is anticipated to reach an impressive total market value of US$63.1 billion by 2020.

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Market Driver: Replacement of Incandescent Bulbs with LEDs

The sale of LED lights is set to outpace incandescent bulbs in North America and is predicted to soon eliminate incandescent bulbs altogether. Furthermore, LED lights are leveraging economies of scale to establish price points that are attractive to consumers. This will further drive the global LED lighting market.

The replacing of incandescent bulbs with LED lights has begun all around the word, and the drive towards 100% replacement of existing lighting technology such as incandescent bulbs will support the growth of the LED lighting market. This can be attributed to the fact that LEDs are cheaper than incandescent lights, offer up to 50,000 hours of illumination, and generate 90% less heat compared to incandescent bulbs. These energy- and money-saving attributes of LED lights have made them popular among consumers across the globe. Aesthetics along with efficiency are further adding to the attractiveness of LED lighting.

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Competitive Landscape: Philips to Sell its Lighting Business

The Dutch electronics group Philips is expected to sell its lighting business soon. The company has attracted several bids from private equity groups for a majority of its lighting components business. It is up for sale and is currently focusing currently on activities of higher profit margins. Philips has enjoyed the position of market leader for many years and has become the first casualty, since the profit margin on individual LEDs was eroded due to overproduction in China.

On the other hand, Epistar is currently working on 200 mm technology. The firms OSRAM, Philips, and Samsung are actively exploring technologies such as silicon and GaN. These technology trends will provide new entry points for upcoming competitors, as they will support participants in the global LED lighting market to achieve substantial and swift increase in market share. These market shifts are expected as vendors move up the value chain to elevate their returns on investments.

Other top vendors mentioned in this WinterGreen Research report include GE Lighting Solutions, Maxion Technologies, Mitsubishi/Verbatim, Solid State Lighting Systems, Lighting Science Group, and Cree.

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