Excuse us for being punny, but according to Royal Philips Electronics, LED lighting has a bright future ahead of it. By the end of 2010, Philips reckons LEDs will account for over 5 percent of the global lighting market, more than doubling its 2 percent reach in 2009. That would make LED lighting a $4 billion business.
That figure will seem like chump change once 2015 rolls around, assuming Philips' crystal ball is even semi-accurate. By 2015, Philips predicts LEDs will account for half of the total lighting industry.
At that point, LED lighting will be a $100 billion business, and that doesn't even include LEDs in automobile applications. Architectural lighting drives almost a third of the LED lighting business, though with government promotions and free-falling prices, LEDs have begun replacing traditional light bulbs. In Japan, for example, LED light bulbs now account for 62 percent of the total sales of light bulbs.