LED prices have declined to a point where this type of lighting is becoming the economical choice in almost every application, Navigant Consulting said in a new report on the worldwide lighting market. In “LED Lighting: Global Outlook,” Navigant researchers said global unit shipments of LED lamps and modules are expected to grow at a compound annual growth rate (CAGR) of 19% between 2015 and 2024.
“As the payback periods fall below 2–4 years in more and more applications, those with decision-making power over what type of lighting to use are forced to consider this comparatively new technology,” the group said in a release announcing the $4,600 study.
The growth comes with significant challenges as falling prices lead to commoditization of components and price wars, and patent disputes are increasing.