Winstar remains a leader in LED technology and energy efficiency. As such, we make it a priority to stay abreast of changing needs and growth in the field. Current trends indicate a bright and promising future for the industry. Even as the economy and the world of general lighting fluctuates, LED continues to gain market share. Here’s why:
• Current State: Market saturation levels for LED lighting have reached 31 percent. Globally, it is a $26.7 billion industry. LEDs are most commonly used for architectural, residential, and outdoor needs. However, it is also gaining popularity for use in roadways, tunnels, parking lots, garages, and traffic lights. LED lighting is easily the best replacement for fluorescent bulbs.
• Growth Potential: Winstar anticipates significant expansion in the next decade. We expect that worldwide LED market share will hit 70 percent in 2020. Asian countries will occupy nearly half the global market by that time.
• Safeguard Needs: LED engineers continue to hone designs and improve products to ensure that they align with market trends. For instance, there is a big need to protect the circuits from surges and electrostatic discharge. These are threats that can jeopardize safety as well as ROI for buyers. Of course, safeguards are also needed for compliance purposes.
As Winstar continues to thrive, we will be closely observing the latest trends. Count on us to report on and adapt to growing needs in LED lighting.