LEDs are the only lighting technology in the commercial market expected to experience growth during the next 10 years, report finds
A new report from Navigant Research examines the global market for energy efficient lighting within commercial buildings, providing global market forecasts for lamp and luminaire unit shipments and revenue, segmented by building type, lamp type, and region, through 2026.
Commercial buildings are large consumers of energy, and lighting upgrades are often considered a simple way to increase efficiency when compared to 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 (LEDs) sales continue to climb, even as the overall lighting market declines. Click to tweet: According to a new report from @NavigantRSRCH, global LED lamp unit shipments are expected to increase from 441.7 million in 2017 to 783.9 million in 2026.
“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 Krystal Maxwell, research analyst with Navigant Research. “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.
The report, Market Data: Energy Efficient Lighting for Commercial Markets, analyzes the global market for energy efficient lighting within commercial buildings. The report briefly covers the market issues, including key drivers and barriers, related to the energy efficient lighting market for commercial buildings. Global market forecasts for lamp and luminaire unit shipments and revenue, segmented by building type, lamp type, and region, extend through 2026. The study covers seven lamp types and eight building types, as well as luminaire and lamp unit shipments for new construction and retrofits. 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: Energy Efficient Lighting for Commercial Markets, 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.