LED Lighting systems to Exceed 4.1 Billion a Year by 2024
A new report from Navigant Research forecasts that worldwide shipments of LED lamps and modules will grow from 864 million annually in 2015 to more than 4.1 billion by 2024.
The report LED Lighting: Global Outlook analyses the world market for light-emitting diode (LED) lamps and modules across all major space lighting uses.
"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.
Navigant Research provides market research and benchmarking services for rapidly changing and often highly regulated industries.