Global LED lighting market value is estimated at US$30.5 billion for 2014 and will increase to US$51.6 billion in 2018, according to Liu Chun-ting, director general for Electronics and Optoelectronics Research Laboratories (EORL) under Taiwan government-sponsored Industrial Technology Research Institute (ITRI).
 
Liu was citing predictions by IHS and IEK (Industrial Economics and Knowledge Center) while speaking at a Taiwan Solid State Lighting forum last week.
 
Governments around the world have offered incentive policies favorable for LED lighting development and international vendors have been developing LED lighting based on system integration concepts and smart lighting has become an integration of LED lighting with ICT solutions, Liu said.