Global Revenue from LED Lighting Systems Expected to Total US$216 Billion from 2015 to 2024

LED Lighting Systems

A recent Navigant Research report analyzes the global market for light-emitting diode (LED) lamps and modules across all major space lighting uses, including global market forecasts for unit sales and revenue of LED lamps and modules, through 2024.

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more efficient lamp types have become available at lower price points, many countries have started to implement bans on outdated or inefficient technology, according to the report.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, 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.

Find out more: www.navigantresearch.com/research/led-lighting-global-outlook

 

Related Articles

Changing Scene

Design

  • Liteline: Splitsville in Hamilton, Ontario – Lighting Project Highlight

    Liteline: Splitsville in Hamilton, Ontario – Lighting Project Highlight

    At Splitsville in Hamilton, Ontario, PEGA is suspended across all 34 lanes, creating a cohesive lighting design throughout the space. Each fixture is paired with OnCloud, enabling independent control and wireless connectivity. OnCloud is a natural fit for this bowling alley. From daily operations to league nights, special events, and private parties, lighting scenes and… Read More…

  • CDm2 LIGHTWORKS: The Real Work of Value Engineering – A Collaborative Approach

    CDm2 LIGHTWORKS: The Real Work of Value Engineering – A Collaborative Approach

    It’s a situation most lighting designers have experienced: a project you spent months designing comes back with a request to review and accept a value engineering package. You’ve seen it time and time again, a package of substitutions with a carrot of cost savings and a deadline. There’s no true value engineering offered, only substitution… Read More…

New Products

  • Emerson: Appleton Explosionproof Rigmaster LED Series Luminaires

    Emerson: Appleton Explosionproof Rigmaster LED Series Luminaires

    Appleton Explosionproof Rigmaster LED Series Luminaires are a high-performance linear lighting solution in a rugged, corrosion-resistant housing, that can be ordered as a standard model or with emergency battery backup to fit all your hazardous location requirements. Providing comfortable, uniform illumination in a lightweight, low-profile design, the diverse mounting bracket options ensure this luminaire is… Read More…

  • Leviton | Viscor: Certolux – MBHSL LED Wall Mounted Behavioural Health Step Light

    Leviton | Viscor: Certolux – MBHSL LED Wall Mounted Behavioural Health Step Light

    The MBHSL Step Light is a durable, low-profile step light engineered to deliver safe, controlled illumination in demanding healthcare environments. Designed specifically for behavioral health and medical applications, it provides subtle wayfinding light that supports patient and staff movement without disrupting rest or comfort. Installed easily into a standard single-gang outlet box, the MBHSL Step Light integrates… Read More…