The global revenue from LED lighting systems is expected to total $216 billion from 2015 to 2024, according to new figures from Navigant Research.
Navigant Research published its new LED Lighting: Global Outlook report this week, analyzing the global LED market and providing forecasts for unit sales and revenue through to 2024.
Specifically, Navigant Research predicts that global revenue from LED lamps and modules is expected to reach $216 billion between 2015 to 2024, thanks to LED prices steadily declining, so much so that LED lighting is now the most economical choice for almost every lighting situation, from general household lighting to street lighting.
“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,” said 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.”
Navigant forecasts unit shipments of LED lamps and modules to experience strong growth through 2024, growing at a compound annual growth rate of 19%.
Unit Shipments of LED Lamps and Modules by End Use, World Markets: 2015-2024
Furthermore, the authors of the report claim that LED lighting in residential spaces “is set to explode in coming years as prices come down, efficacy improves, and new use cases for lighting develop.”
These figures are often at the heart of decisions made by governments the world over to ban less-efficient types of lightbulbs, and move toward LED-based lighting systems. One need only look to India and its attempt to switch all its street lights to LED within the next two years to see how widespread and important LED lighting is becoming for countries looking to save on electricity usage.
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