LED market set for major expansion – report
The international industrial and commercial LED lighting market could be worth as much as $86.1bn by 2019, according to a new report by market intelligence company Transparency Market Research
Friday, 02 May 2014 09:32 GMT
An increasing amount of sign-makers are opting to use LED lighting technology in their work
Entitled ‘Industrial and Commercial LED Lighting (Industrial, Commercial, Architectural, and Outdoor) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019’, the study forecasts that the market will expand at a compound annual growth rate of 30.8%.
LEDs have become an popular choice in many signage applications, with sign-makers opting for the technology as an environmentally-friendly alternative to other materials.
“Increased use of decorative and functional architectural lightings in landscapes, signage, statues, columns and other decorative features have been driving the market,” the report stated.
Increased use of decorative and functional architectural lightings in landscapes, signage, statues, columns and other decorative features have been driving the market”
The study highlighted the technology’s high efficiency and durability, as well as an ‘attractive’ payback in terms of longer lifespan and enhanced performance, as some of the factors driving growth.
However, the report did pick up on the high initial cost of deploying LED lights as one of the factors slowing down growth in the market.
Transparency Market Research identified Europe as the leading market in the LED sector, with the region being primarily driven by government initiatives and projects for LED lighting deployment.
A ban on incandescent bulbs in various countries throughout the continent is also expected to boost growth further.
