The company says that the broadcast/TV and movie categories are currently experiencing double digit annual growth. The videography and professional photography sectors are expected to grow more slowly due to a stronger presence in use, especially with the smaller LED-based light units that attach to cameras.
The requirements for set lighting and lighting effects are the main drivers of the market for LED-based lights in the film industry. LED lighting allows a single light source to create a tremendous variety of colors. Additionally, continuous cost and performance improvements are taking the LED lighting fixture business from a niche-only solution to a general solution.
LED-based production lighting consumes less power and produces much less heat than conventional lighting. So, LED lights help reduce the air conditioning costs. ElectroniCast estimates that larger LED lights lead in relative market share (52%) compared to the smaller LED lights, in consumption value for 2014. Smaller devices have significantly lower average selling prices than the larger fixtures.
“In terms of volume, the smaller units will hold a substantial market share lead during the forecast period; however, because of their relatively low average selling price compared to the larger units, they have a smaller market share in terms of value,” said Stephen Montgomery, president and principal analyst of LED Market Research at ElectroniCast Consultants