The LED lighting market will grow by 45 per cent per year until 2019 and go from a value of $4.8bn in 2012 to $42bn in 2019, according to a new report.

US-based WinterGreen Research cited cheaper products, increased consumer interest and the quality of product as growth drivers.

Susan Eustis, leader of the team that prepared the report, said: “Frequent product introductions have characterized the LED lighting industry. There is a highly competitive pricing environment with the current price point of $10 in 2013 per light about to decline to $6 per light. These market characteristics increase the need for continuous innovation.”

The prediction was made following analysis of LED lighting shipments. Distributors, vendors, users and analysts were also interviewed.

The report listed ten market leaders in the industry. These were Philips, GE Lighting Solutions, Maxion Technologies, QD Vision, Lighting Science Group, Osram, Toshiba, Solid State Lighting Systems, Mitsubishi / Verbatim and Cree.