LED lighting industry has evolved over the last few years. This is while energy-efficient structures have successfully turned into a top-ranking status to get rid of harmful carbon emissions.
Guidehouse Insights, a top market intelligence and advisory firm, has carried out a survey which in particular deals with the trend in commercial buildings.
The market data by the firm has focused on energy efficient lights in commercial business in the third quarter of 2022. In its report, the company has estimated the magnitude of the world’s commercial market for energy efficient lighting in a 10 years’ time. The report's data was mainly collected via phone dialogues and face-to-face interviews with managers, engineers as well as marketing experts in LED industry.
The firm found out a number of things: significant improvements in performance and sharp downturn in prices have played a great role in mainstream adoption of LED bulbs in commercial buildings.
According to the report, governments’ role in implementing efficient lighting regulations and financial supports have helped to adopt LEDs. Other contributing factors include advanced LED technology, sustainable development goals and efficiency codes.
Guidehouse Insights predicts LED revenues will expand globally in the upcoming 10 years and simultaneously there will be a revenue downturn in incandescent light bulbs, halogen, CFL and miscelleneous fluorescent, T8 and T5, T12, and high intensity discharge. In the next 10 years from 2022 to 2031, the LED industry will cause a global boom in overall lamp by a compound annual growth rate- CAGR- of 2.5%. Within this time, the LED technology will see an increase to almost $60 billion (from under $40 billion). Currently, LED lighting accounts for almost 85% of the global marketplace.