Revenues for LEDs in lighting applications, which includes both replacement lamps and luminaires, are expected to grow at a compound average growth rate of 15% through 2019.
Lighting Applications have seen a variety different packages used over the last year including—led COBs, arrays, high voltage LEDs, high CRI>90, tighter color bins, directional, damp location rated, multi-directional, etc.
HB-LEDs saw a precipitous fall in prices in 2013-2014 which helped reduce the price of LED lamps and luminaires.
LEDs in Replacement Lamps will see the strongest growth as the LED lamp price continues to fall and more government bans and initiatives come into place which increase adoption.
Indoor lighting such as LED Commercial lighting, led residential lighting and Outdoor luminaires will also see strong growth in LED revenue as adoption continues with more smart and controllable luminaires gaining traction.
Growth in emerging markets and the need for reduced energy use continue to be the strong drivers for LED adoption.
While some applications such as the outdoor lighting, led architectural lighting, led indoor lighting and led commercial lighting have proven their viability, the price per lumen for LED lighting is the limiting factor.