“LEDs represent perhaps the most significant breakthrough of the last 130 years in lighting technology.” – Eric Bloom
Pike Research forecasts LED lighting will capture 52% of the Commercial Building Market by 2021 as the price of light-emitting diodes continues to decline. Furthermore, they expect the lighting industry to see more change in the next five years than in the previous 50, comparing the rise of LED popularity to the commercialization of the fluorescent lamp in the 1930s.
Currently, the market share for LEDs is quite low due to higher initial costs and a longer payback period. However, Pike anticipates the cost of LED solid state lighting products will be reduced by 80-90% over the next decade, making LEDs a more viable option for typical commercial applications.
Market share for LEDs will come at the expense of compact fluorescent lamps (CFLs), high-intensity discharge (HID) lighting, and general linear fluorescents. Research analyst,Eric Bloom believes that “incandescent and less efficient T12 and T8 fluorescent lamps will be almost completely eliminated over the next 10 years.”
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Elizabeth Smyth is a writer for Precision Paragon, an energy efficient commercial lighting manufacturer and a leading source for lighting retrofit solutions.