The global market for light emitting diode (LED)-based lighting solutions could see its value soar by nearly one-half over the course of next year, as the technology continues to improve and consumer awareness grows, a market advisory firm has projected. Market value for LED lighting will soar to US$35.3 billion in 2014, a 47.8 percent year-on-year increase.
The research firm attributed the “fast growing market” to a change in purchasing habits, as LED lighting is beginning to overtake conventional lighting in the mindset of many consumers.
Global LED lighting penetration is also expected to increase to 32.7 percent from this year’s 26 percent, the research firm predicted, while penetration of LED bulbs and tubes will reach 20 percent and 15 percent of their respective markets.
The increase in demand suggests competitive LED chip manufacturers will continue to expand production capacity in 2014, said Jack Kuo, a senior analyst with LEDinside.
Aside from raising yield rates and machine operation time, Kuo said LED chip manufacturers will be acquiring more metalorganic chemical vapor deposition (MOCVD) equipment — a major part of optoelectronics manufacturing — to expand production capacity.
MOCVD is a chemical process for the production of thin films used in semiconductors and optical equipment, which promises higher reliability and fewer imperfections in the manufacturing process.