There is likely to be strong growth in LED lighting over the next three years, resulting in a doubling of the market by 2014, according to a new report.
Strategies Unlimited predicted that the global market for LED light fixtures would grow to $8.3 billion (£5.1 billion), up from £3.8 billion in 2010.
This represents a compound annual growth rate of 22 per cent.
The report listed a number of factors driving increased take-up of LED lighting.
They included improvements in the performance and price of commercially available LEDs and growing awareness of the importance of energy efficiency.
Fiscal stimulus measures undertaken by numerous countries and the phasing out of incandescent light bulbs have also played a part.
Meanwhile, lighting designer Victoria Lee has predicted that the LED lighting market will grow with "reckless abandon" in the year ahead.
"LEDs are getting so much better, and the market is flooded with them so there are so many to choose from," she remarked.
Rapid Electronics is a leading supplier of LEDs and optoelectronic components, and the main UK distributor of Kingbright LEDs.