With declining prices and increased efficacy of LEDs continuing to drive the adoption, global LED lamp shipments will increase from 961.1 million in 2017 to nearly 2 billion in 2026, according to the report ‘Market Data: LED Global Outlook’ from Navigant Research. The primary driver for adoption was initially reducing energy costs, but better light quality, longer lifespans and improved controllability have helped to accelerate LED market growth across all segments.
“There are various drivers across the commercial, residential, industrial and outdoor lighting segments, but the declining prices of LEDs and increased energy savings over legacy lighting technologies are spurring adoption,” says research analyst Krystal Maxwell. “Beyond those drivers, building codes and regulations and the desire for increased control are helping to further propel the adoption of LEDs.”
While all segments of the lighting market have experienced change due to the increased adoption of LEDs, the commercial segment is further along than the residential or industrial segments, notes the report. Not all segments are expected to see the same growth over the next 10 years or experience the same penetration rates. However, due to the slower adoption in the latter two markets, they present increased opportunities for the uptake of LEDs.