LED luminaires will continue to surge in popularity and usage, with the market expected to reach $216 billion by 2024. A recent study from Navigant Research shows that due to falling LED prices, the technology has become an economical choice for almost all applications and the market will grow by an estimated 19% between 2015 and 2024.
The report also points to shorter payback periods, which are now between 2-4 years in many areas as a reason for increased interest in LEDs for retrofits and new installations. Another contributing factor is legislation that bans the use of inefficient or outdated equipment, creating less competition for LEDs.
“For commercial buildings, the shift to LEDs has been the most dramatic in retrofit projects where older bulbs are being replaced specifically to improve efficiency. This change is happening at such a fast rate that LEDs are expected to knock inefficient technologies like incandescent and halogen bulbs out of the market by 2024,” says Jesse Foote, senior research analyst at Navigant Research.