Increasing numbers appear to appreciate the importance of LED lighting, with a new report revealing that the global market will increase by 13 per cent between 2015 and 2020. The market was valued at around $20 billion in 2014 and is expected to hit $42.5 billion by the year 2020.

Compiled by Zion Research, the LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis and Forecast 2014-2020 report found that the global market for LEDs is actually dominated by Europe, which accounted for more than 30 per cent share of total demand in 2014. It's expected that strong demand for this kind of lighting in the UK, France and Germany will help to drive growth in the industry in this part of the world.

The key application markets for LEDs were found to be outdoor lighting, architectural and residential. In fact, architectural lighting was the second biggest market for these lights in 2014 and it's now being forecast that this will show rapid growth over the next few years because of the luminous efficiency of white light, and its particular price point as well.

When deciding whether LED lights are right for you, consider that such lighting is far more energy efficient so you're likely to see your energy bills reduced. What's more, LED lights actually last a lot longer than traditional bulbs so while it may cost you more to change all your lights to LEDs, they'll pay for themselves in next to no time. To find out more about LED panel light distributors, call us at LED Panel Store today.