The rapid development in LED lighting technology over the last few years has changed the dynamics of the global lighting market. Improved brightness, lower energy consumption and longer life spans offered by LED lights have led industrial, commercial and even residential consumers to increasingly adopt LED lights.
General Electric, which has been a leader in the global lighting market since Thomas Edison ’s incandescent bulb, has seen strong growth in its LED lighting business due this changing market environment. The company’s LED business has also benefited from a strong emphasis on research and development as well as strategic acquisitions that have expanded its product portfolio, market share and penetration.
GE Lighting is a part of GE’s energy management segment, which generated $7.4 billion of the company’s $147 billion revenues in 2012.
Currently, LED lights occupy 18% of the $66 billion global lighting market. According to industry data cited by GE, this share of LEDs is expected to rise to 70% by 2020, when the global lighting market is forecast to reach about $100 billion.
GE Is Proactive In Taking Advantage Of The Growing LED Lighting Market
This rapid growth in the LED lighting market is also reflected in GE’s LED segment where business has grown at strong rates in the last few years – by 35% in 2012 and by 24% in 2011. This year the company anticipates this strong performance to continue.