LED prices have declined far enough that this type of lighting is now the economical choice for almost every setting and use, and heavy attention is being paid to the ongoing energy savings the technology offers. With payback periods now falling below 2-4 years, project decision makers from almost every application are being forced to consider LEDs for installations. According to a recent report from Navigant Research, global revenues from LED lamps and modules are expected to total US$216 billion from 2015-2024.
"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," said Jesse Foote, senior research analyst with Navigant Research. "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."
As more efficient lamp types have become available at lower price points, many countries have started to implement bans on outdated or inefficient technology, according to the report. While this has mostly taken place in North America and Europe to date, a number of Latin American and Asia countries have also started to introduce similar legislation that could drive more LED sales.