Memoori estimates that the global market for LED lighting in the construction sector has reached $8.1 billion in 2013, and by the end of 2014 it is expected to rise to $10.3 billion. This market size will grow further and will reach $23 billion by 2018. This indicates that the overall compound annual growth rate (CAGR) is 22.8% over a six-year period. Once beyond the time limit set by this report, due to the intensification of market competition costs, this part of the revenue growth rate will slow down, and the market scale of LED lighting will stabilize in 2020. Consumers' confusion about LED lighting, the slow decline in product sales prices and even lower than the increase in global GDP in 2013, all made the overall revenue of the LED lighting industry in 2013 unsatisfactory. However, concerns over overcapacity are expected to ease at the end of 2014 as global demand grows steadily. With the rising demand for LED lighting, Philips, OSRAM, CREE, Acuity and GE, which play an important role in the global lighting market, have developed their development strategies to erode this market share. They will get more and more performance contributions from the LED business, rather than traditional lighting technology. Although the development prospects of LEDs are bright in the medium term, the lighting industry is increasingly worried about what changes will happen to the LED industry when the demand for replacement markets is basically saturated by 2020. Needless to say, when the market share of LED lighting reaches 70-80%, when the replacement cycle of lamps is extended, the LED industry will go where.
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