LED Lamp Revenue in Commercial Buildings Is Projected to Experience a 6.9% Compound Annual Growth Rate between 2019 and 2028
LED lamp revenue is expected to increase over the next 10 years as all other lighting technology revenue declines
A new report from Navigant Research examines the global market for energy efficient lighting in commercial buildings, providing forecasts for lamp and luminaire unit shipments and revenue, segmented by lamp type, construction type, region, and building type, through 2028.
Changing building standards, corporate sustainability initiatives, and rising energy costs are pushing commercial building owners to adopt energy efficient technologies. Of these technologies, LED lighting is often considered an easy opportunity because a lighting upgrade can be a less expensive initial investment than upgrading the HVAC or building management system. Click to tweet: According to a new report from @NavigantRSRCH, LED lamp revenue is projected to experience a 6.9% compound annual growth rate between 2019 and 2028.
“The technology for LEDs has improved in quality and prices have declined since LEDs first became available, making them more competitive with other lighting technologies,” says Krystal Maxwell, senior research analyst with Navigant Research. “The improved efficacy, efficiency, and cheaper costs have driven adoption of LEDs in the commercial building market globally.”
Since the previous iteration of this report was published in 2017, the market has seen a continued upward trend toward LED upgrades in existing buildings and LED lighting system installations in new construction. According to the report, while LED lamp revenue is expected to increase over the next 10 years, all other lighting technologies are expected to see declines in revenue.
The report, Market Data: Energy Efficient Lighting for Commercial Markets, analyzes the global market for energy efficient lighting in commercial buildings. The report briefly covers the market issues, including key drivers and barriers of the energy efficient lighting market for commercial buildings. Global market forecasts for lamp and luminaire unit shipments and revenue, segmented by lamp type, construction type, region, and building type, extend through 2028. 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.
* 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.