The adoption of LEDs has continued to increase in recent years, propelled by declining prices and increased efficacy. While reducing energy costs was the primary initial driver for adoption, better light quality, longer lifespans, and improved controllability have helped push for increased adoption across all market segments. The declining price of LEDs and improving ROI also continue to be significant factors in the decision to upgrade to LEDs.
All segments of the lighting market have experienced change due to the increased adoption of LEDs, and this trend is expected to continue. However, not all segments have experienced the same rate of penetration of LEDs—nor are they expected to see the same growth over the next 10 years. The commercial lighting segment is further along in its adoption of LEDs than the residential or industrial segments. Due to the slower adoption in the latter two markets, they present increased opportunities for the uptake of LEDs. According to Navigant Research, global LED lamp shipments are expected to increase from 987.9 million in 2017 and reach 2.0 billion by 2026.
This Navigant Research report 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.