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Global forecasts show LED lighting a growing force in economy

Hatfield – There are two trends in the marketplace these days: consumers being budget-friendly and environmentally-friendly. It might come as no surprise that the global LED industry is rapidly growing at a phenomenal pace.
LEDinside published an extensive report late last year that took a look at the industry in 2012. It found that the LED niche generated $2.66 billion in revenues, a 23.5 percent increase from the previous year. The dramatic boost came in part to lower prices and improvements in technology and a high demand in architectural and indoor lighting.
Industry experts say that LED lights can save electricity by 30 percent for road lighting, roughly 60 percent for lighting rooms, more than 50 percent for back lighting and about 80 percent for outdoor lighting.
The commercial LED market has grown in competition and it is believed the United States is the next lucrative marketplace because of consumers adopting CFL light bulbs, state governments offering tax rebates and regulations are prohibiting or phasing out traditional incandescent light bulbs.
According to the National Development and Reform Commission (NDRC), the output of the LED industry in China is set to increase by 30 percent and could be valued at $72 billion within the next two years.
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