International. Driven by falling unit prices, certification/subsidy proposals, and increased awareness of its advantages, LED technology will soon replace conventional lighting in commercial applications, framing what will be the boom of this technology by 2015.
These expectations are based on the study conducted by reports.com, on the global lighting market based on LEDs, which was at less than US$5 trillion in 2013, will reach US$25.7 billion in 2015 and US$63 billion in 2020, with a total growth rate of the whole of 45% per year.
Patrick J. Clouden, CEO and Co-founder of Commercial Energy Solutions, an energy consulting company, advocates commercial LED lighting not only as a way for individual businesses to reduce their operating costs, but effectively and substantially does that, but also as a boon to the U.S. economy as a whole.
One factor that has slowed the growth of LED lighting, Clouden notes, is the cost of replacing the initial bulb. For most of the time of their existence, LED bulbs have been sold at a substantially higher multiple of the cost of an equivalent incandescent bulb, creating a psychological and economic barrier to conversion. A recent market study, however, indicates that the emergence of competitively cost LEDs is causing a paradigm shift in the industry.
A new push for widespread U.S. conversion comes from a push in the industry to become certified by the U.S. Environmental Protection Agency and DesignLights, a U.S.-based nonprofit consortium. It is hoped that companies that receive certification from these organizations will be eligible for grants from local utility providers, such as solar panels today.
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