LED prices have declined far enough that this type of lighting is now the economical choice for almost every setting and use, and heavy attention is being paid to the ongoing energy savings the technology offers. With payback periods now falling below two to four years, project decision makers from almost every application are being forced to consider LEDs for installations.

“For commercial buildings, the shift to LEDs has been the most dramatic in retrofit projects where older bulbs are being replaced specifically to improve efficiency,” says Jesse Foote, senior research analyst with Navigant Research. “This change is happening at such a fast rate that LEDs are expected to knock inefficient technologies like incandescent and halogen bulbs out of the market by 2024.”

As more efficient lamp types have become available at lower price points, many countries have started to implement bans on outdated or inefficient technology, according to the report. While this has mostly taken place in North America and Europe to date, a number of Latin American and Asian countries have also started to introduce similar legislation that could drive more LED sales.

The report, LED Lighting: Global Outlook, analyzes the global market for LED lamps and modules across all major space lighting uses. The study provides an analysis of the market issues, including drivers and trends, barriers, cost issues, and technological developments, associated with LED lighting. Global market forecasts for unit sales and revenue of LED lamps and modules, segmented by region, equipment type, and end use, extend through 2024. The report also examines key codes and standards and regional influences related to LED lighting, as well as the competitive landscape. An executive summary of the report is available for free download on the Navigant Research website.

Source: Navigant Research