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.
About the Author
Doug Chandler, Senior Staff Writer
Executive Editor
Doug Chandler began writing about the electrical industry in 1992, and still finds there's never a shortage of stories to be told. So he spends his days finding them and telling them. Educationally, he's a Jayhawk with an English degree. Outside of work, he can often be found banging drums or harvesting tomatoes.