LED Lighting Systems Shipments Are Expected to Exceed 4.1 Billion a Year by 2024
A new report from Navigant Research 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 to a point where this type of lighting is becoming the economical choice in almost every application. As such, the adoption of LED lighting is ramping up across all major end uses: commercial buildings, residential buildings, industrial buildings, and outdoor applications. Vehicle headlights are seeing a sharp increase in the use of LEDs, as well. According to a new report from Navigant Research, worldwide shipments of LED lamps and modules are expected to grow from 864 million annually in 2015 to more than 4.1 billion by 2024.
“Early adopters were attracted by some of the unique features of LED lighting, such as improved efficiency, improved operation in cold environments, and enhanced controllability,” says Jesse Foote, senior research analyst with Navigant Research. “The current wave of adoption, by contrast, is much more focused on the value of ongoing energy savings compared to a relatively modest increase in upfront cost.”
While Europe has perhaps led the way on residential energy efficiency, according to the report, incandescent bans and minimum efficacy levels for bulbs are being introduced throughout the globe. In North America, the Energy Independence and Security Act (EISA)—which requires 25 percent greater efficiency for light bulbs, phased in from 2012 through 2014—is in full swing, and the Canadian equivalent is not far behind. The laws of physics make it almost impossible for a manufacturer to design a bulb that is as efficient as a compact fluorescent light or LED.
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.