The global market for LED lighting is currently booming with projected sales in excess of $110 billion forecast by 2024. This rapid expansion is driven by variety of factors. LED lighting is highly energy-efficient and it also offers a lighting unit that will last longer than the traditional type of domestic or commercial light bulb.
A recent large-scale report into the industry, carried out by Renub Research, highlights the importance of certain market sectors and geographical regions in the growth of the LED market. In particular, it is noted that Asia, with China to the fore, in particular dominates the LED market. Furthermore, it has been noted that there are several distinct areas of use for LED lights, these being: residential, retail, office, hospitality, industrial, outdoor and architectural. The importance of each of these on the forecast sales figures is not to be overlooked.
What, in essence, is driving the growth in LED lighting sales? There are many factors involved, one of which is that of climate change. LED lights are by far the most energy-efficient form of lighting available. There is no loss of energy via heat – as is inevitable with other forms of lighting – and they use a great deal less power to produce the same amount of light. They also last longer, so there is less waste to deal with. This has added to the uptake of LEDs in various markets across the world.
