Today's $4B LED lighting market to more than triple by 2022, forecasts Yole
According to Yole Développement's latest report "LED Lighting Module Technology Industry & Market", the LED lighting module market will experience a 22.6% compound annual growth rate between 2017 and 2022.
The market research firm splits the market into different LED categories, each with its own dynamics.
Being the most versatile, mid-power LED modules are driving the market and provided 60% of 2016’s market revenues. High power LEDs which are only used in applications requiring high luminous flux in a small module represent about 7% of market revenues.
Providing a compromise on size, light emitting surface area, luminous flux and power consumption, Chip-on-board (COB) LED modules are suitable for many applications, and lead the total LED module market in volumes shipped. But these modules are relatively easy to manufacture, which drives down their associated average selling price, making COB LED modules represent only 20% of market revenue.
Flexible LED strips can be directly used as LED lighting systems, mostly in indirect lighting applications. Recent developments, like using LED chips instead of packaged LEDs on a flexible substrate, allow much higher efficiency, opening doors to new applications such as linear lighting.
In this context, Yole Développement estimates that the LED lighting module market, including flexible LED strips, reached nearly $4B in 2016 and will grow to $13.8B by 2022.