Global LED lamp unit shipments are expected to increase from 441.7 million in 2017 to 783.9 million in 2026, forecasts the report ‘Market Data: Energy Efficient Lighting for Commercial Markets’ from Navigant Research.
Commercial buildings are large consumers of energy, and lighting upgrades are often considered as a simple way to increase efficiency compared with more expensive options, such as an updated HVAC system or a building energy management system. As cheaper and less efficient legacy lighting technologies including fluorescent, halogen and high intensity discharge (HID) are phased out, light-emitting diodes sales continue to climb, even as the overall lighting market declines.
“LEDs, the only lighting technology in the commercial market expected to experience growth over the next 10 years, are contributing to the overall commercial lighting market decline due to their longer lifespan, increased efficacy, and continued market penetration,” says research analyst Krystal Maxwell. “Due to this declining overall market, lighting companies are seeking alternative ways in which to generate revenue, such as new and increased product offerings and new business models for lighting.”
LEDs have experienced a continual price decline each year, making them more competitive with other lighting technologies, according to the report. This trend, coupled with increased lifespan, improved efficiency and superior controllability (which allows integration with lighting controls) has primed LEDs to become the leading lighting technology in the commercial market, concludes Navigant Research.
