LED Lighting Market Is Booming

In 2015, it was estimated that the LED lighting market grew by an impressive 38% – according to AMA Research. The reason behind the LED Lighting market boom is due to this new technology becoming more widely accepted, along with the encouragement of energy and carbon savings which have been driven by legislative changes, resulting from environmental pressures.

AMA found that retrofit replacement LED lighting products which use existing light fixtures are starting to take more share of the overall market. Retrofit LED lighting means that these products have been specially designed to fit into existing fittings, therefore widening the scope for LED market growth.

90% of the market value is dominated by non-domestic end users and whilst the domestic LED sector accounted for the remainder, during 2012 to 2015, the LED lighting market experienced an impressive growth. The LED sector was mainly represented by LED luminaire sales, with replacement lamps and LED controls and accessories flagging behind.

Infrastructure remains the leading sector within LED lighting – with many councils planning to replace existing lighting to energy-efficient LED lighting. Early adopters of LED lighting included the leisure, health and education sectors and according to the report, these sectors will continue to be major end users in the near to medium term. The use of LED lighting in retail is also on the rise.

Keith Taylor, Director at AMA Research said:

“The average price of LED lighting products has fallen substantially during the last three years, driven by the growing volume of sales, manufacturing techniques and increased competition. In 2015, the global price of LED bulbs was estimated to have fallen by 30-40%, this will have an obvious impact within the office, commercial and industrial sectors which are looking to replace existing fluorescent lighting and seek the commercial benefits of doing so.”

LED filament close up (found)

The next few years has a high growth forecast across all sectors. It is expected that the domestic sector will be a particular growth area over the next few years due to the upcoming legislation changes and increase in energy bills. Previously, LED lighting within this sector was hampered due to the light output produced by LED bulbs – but this is set to change with the latest generations of LED bulbs which are producing warmer light – comparable to that of incandescent bulbs.

It is expected that the LED lighting market is expected to continue to see a double digit growth between 2016 to 2020.

 

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