According to Navigant Research, revenues from LED lighting products (including lamps and luminaires) in commercial building markets will grow from US$2.7 billion in 2013 to more than US$25 billion in 2021.
"The rise of LED technology will transform every part of the commercial lighting industry," says Jesse Foote, research analyst at Navigant Research. "While other lighting technologies have limited potential for future improvements, new designs for LEDs that push quality and efficacy to new levels continue to emerge from lighting labs around the world."
In coming years, LED prices are expected to fall to a point where savings from electricity consumption will provide a short payback period that will encourage consumer adoption en masse, the firm said. This shift will be most dramatic in the share of lamps sold for retrofit projects, where older lighting is often replaced specifically to improve efficiency. Although Navigant Research forecasts that only 5% of lamps sold to retrofit projects worldwide in 2013 will be LED-based, that share is expected to grow to 40% by 2017 and 63% by 2021, the firm added.
