The global LED lighting market is likely to be worth more than £40 Billion by the end of 2022, according to a new report published by Zion Market Research.
The report, titled “LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”, put the LED lighting market at just over £20 Billion in 2016, and forecasts an annual growth rate of almost 13% until the end of 2022.
Why is the LED lighting market growing so quickly?
According to Zion Market Research analysts, the growth of LED lighting is mainly due to the advantages LED lighting provides over traditional light sources.
We’ve been saying for years that the increased efficiency and longer lifespan of LED lighting should make switching to LED a no-brainer, and this is being proven in the growth of the market, as both businesses and homeowners take advantage of the cost-saving benefits of LED lighting.
Another major factor in the European market is the recent ban on halogen light bulbs, which was specifically designed to push consumers and businesses into using the more environmentally friendly LEDs, and if the US follows suit (as they did with the incandescent ban) then the market will grow further still.
Will this benefit the consumer?
The real question, of course, is will this rapid increase in LED adoption be beneficial for consumers? We believe the answer is a resounding yes!
The current market conditions and the political pressure to reduce carbon emissions have led manufacturers of LED lighting to invest more and more in improving the technology. This, along with the increased competition in the marketplace, has reduced the retail price of LED lighting by as much as 90%.
In addition to the reduced costs to buy the products, LED lights are now much more efficient than their early predecessors, so you get the same amount of lumens at a lower wattage, reducing the running costs even more.
When you combine lower up-front costs, lower running costs, increased efficiency and more competition for customers’ business, consumers of LED lighting win. They get more choice, increased quality and better value for money; not to mention saving up to 90% on their lighting costs!
If you’re ready to make the switch to LED, start here.