The Asia-Pacific (APAC) region is due to experience a significant boost to its LED lighting sector, Optics.org reports, with total revenue from the sector due to reach $6.7 billion by 2019 compared to the $2.7 billion it is currently worth, figures show.
LED lights deliver light at a reduced heat compared to traditional lighting and in its solid state has greater resistance to shocks, vibrations and general wear and tear, meaning they have a longer lifespan and are more cost-efficient in the long run. The report broke the sector down into eight LED Lamp categories, including: government, commercial, industrial and residential. It also looked at different geographical markets, such as: China, Korea, Japan and the rest of the APAC region.
The data was gathered and released by ElectroniCast Consultants, which believes that significant growth will come as a result of better quality products at a reduced cost. In 2015 the market is expected to be worth $3.61 billion; in 2016, $4.94 billion; in 2017, $5.96 billion; and by 2018, $6.2 billion. All prices are estimated at current factory-level costs and also include the effect of a predicted 5% annual inflation rate.
This latest forecast is more impressive than the forecast made for the sector last year, when it was predicted that by 2017 it would be worth $1.7 billion—a figure which has been surpassed in this year alone.
A new category was included in this year's report, called the "architainment lighting" category. This refers to the blend of architectural and event lighting. LED lamps used in display windows and display cases have also been included. Examples of LED lights that are not included are: LED bulbs used in digital sign boards; LED bulbs used in traffic signals; LED bulbs used in torches; and LED bulbs used in Christmas lighting.