Over the past few years, the lighting company Philips has made a number of forecasts about LEDs. These forecasts are coming true. LED manufacturing is booming, and consumers are reaping the benefits.
First LED prediction
One prediction was in 2008. Philips said component companies who produced parts for LEDs would grow dramatically.
Philips gave a warning, though. It stressed the need for collaboration. Without it, the market for LEDs would not develop to its full potential.
LED component manufacturers paid attention. They realised they had to combine their efforts and work with the major lighting companies.
Such collaborative working mirrors a similar situation in the computer industry. For example, many smaller IT companies have provided Microsoft with the software and hardware to make its operating systems a success.
Venture capitalists also took note of what Philips said. They began listening to entrepreneurs who had ideas related to LEDs. And they started investing in start-up LED companies.
Second LED prediction
Another prediction from Philips was about residential LED sales.
In 2011, Philips said LEDS would have 50% of the residential lighting market within four years. This means total residential LED sales in 2015 would be around £19 billion. So far, it looks as though sales will reach this figure.
LED growth and you
If you already use LEDs, you are of course benefiting from low-cost, long-life lighting. There really is no need to wait for predictions to come true before taking advantage of LED technology.
And if you happen to be a venture capitalist with investments in LED technology, you could be even happier. After all, the boom in LEDs could soon make you very rich!