LED uptake in the commercial segment is outpacing adoption in the residential and industrial segments
A new report from Navigant Research examines the global market for LED lighting, providing global forecasts of lamp and module unit shipments and revenue through 2026.
The adoption of LEDs has continued to increase in recent years, propelled by declining prices and increased efficacy. Reducing energy costs was initially the primary driver for adoption, however, better light quality, longer lifespans, and improved controllability have helped accelerate LED market growth across all segments. Click to tweet: According to a new report from @NavigantRSRCH, global LED lamp shipments are expected to increase from 961.1 million in 2017 to nearly two billion in 2026.
“There are various drivers across the commercial, residential, industrial, and outdoor lighting segments, but the declining prices of LEDs and increased energy savings over legacy lighting technologies are spurring adoption,” says Krystal Maxwell, research analyst with Navigant Research. “Beyond those drivers, building codes and regulations and the desire for increased control are helping to further propel the adoption of LEDs.”
While all segments of the lighting market have experienced change due to the increased adoption of LEDs, the commercial segment is further along than the residential or industrial segments. According to the report, not all segments are expected to see the same growth over the next 10 years or experience the same penetration rates. Due to the slower adoption in the latter two markets, they present increased opportunities for the uptake of LEDs.
The report, Market Data: LED Global Outlook analyzes the global market for LED lighting across five end uses: commercial buildings, residential buildings, industrial buildings, outdoor lighting, and automotive headlights. The report briefly covers technology trends and market issues, including the key drivers and barriers, related to the adoption of LED lighting. Global market forecasts of LED lamp and module unit shipments and revenue, segmented by end use and region, extend through 2026. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Market Data: LED Global Outlook, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.