The chief executive officer of Philips North America, Greg Sebasky, has pointed out in an interview that the global market for LED will grow about 40 % in 2013.

According to him, the company sees a “growth tipping point” with the debut this year of its 60-watt equivalent LED light bulb that will retail for about $10. That will help the energy- efficient technology make up about 50 percent of Philips’ lighting sales by 2015, up from 25 percent last year.

“People are starting to see lighting as a durable good,” Sebasky said, taking lighting products with them when they move. The company is making controllable, LED-driven lighting products that the company expects can save the average homeowner about $250 in electricity costs each year.

The unit of Koninklijke Philips Electronics NV (PHIA) generates about $9 billion in annual sales in the U.S., Canada and Mexico.