March 27, 2014
Payback periods on LED technology for high-bay lighting are shrinking to less than 2 years, report concludes
Until recently, light-emitting diode (LED) technology was not able to meet the requirements of high-bay lighting, which must illuminate spaces from afar while minimizing contrast, reducing glare, and meeting strict safety standards. In 2013, however, several promising high-bay LED products were launched, and the high-bay lighting market is set for a rapid shift. Click to tweet: According to a new report from Navigant Research, worldwide sales of LED luminaires and lamps for high-bay lighting applications will grow from 8.3 million annually in 2014 to 54.7 million by 2021.
“Within the next 3 years, falling prices and rising efficacy for LED technology will begin to generate savings that offer payback periods of less than 2 years,” says Jesse Foote, senior research analyst with Navigant Research. “That will create a tipping point for the large-scale adoption of LED lighting within high-bay applications.”
At the same time, falling prices for lighting sensors and lighting controls will drive the adoption of networked lighting control systems, according to the report. As the marginal cost of such systems shrinks, many high-bay lighting installations will begin incorporating these sensors and controls almost by default. Building managers will increasingly expect and demand such systems.
The report, “High-Bay Lighting”, analyzes the global market for high-bay lighting in the following five building types: warehouse, industrial, gymnasium and indoor sporting facilities, high-bay retail, and transportation. It provides an analysis of the significant market drivers, trends, and opportunities associated with luminaires, lamps, and networked lighting controls in these high-bay applications. Global market forecasts for unit sales and revenue, segmented by lamp type, building type, and region, extend through 2021. The report also examines the major technology issues and trends related to high-bay lighting, and profiles the key industry players in this market. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Richard Martin
* The information contained in this press release concerning the report, “High-Bay Lighting,” 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.