Global Energy Efficient Lighting Market to Hit $32.2 Billion by 2015
From 2010 to 2015, the global energy efficient lighting market is projected to increase from $13.5 billion to $32.2 billion, according to the latest issue of EL Insights. This represents a compound annual growth rate (CAGR) of 19% during this time period.
Today, 20% of the world’s electricity is used for lighting. Electricity consumption can be reduced to 4% with the full-scale adoption of LED (light-emitting diode) and could translate to a savings of 334 million barrels of oil per year in the United States. According to the U.S. Department of Energy, the adoption of LED lighting in the U.S. over the next 20 years would reduce electricity consumption by 25%, save an accumulated $120 billion in energy costs, and reduce greenhouse gas emissions by 246 metric tons of carbon.
In addition, according to EL Insights, from 2010 to 2012, growth will be strongest in commercial lighting, and residential lighting growth will follow from 2012 to 2015. LED technology is on track to capture nearly 50% of the $4.4 billion commercial lighting market by 2020.
According to EL Insights, here’s what companies can expect:
–Incumbent manufacturers of traditional lighting will face challenges to offer LEDs at the same price point as emerging, solely-LED manufacturing companies which will benefit from economies of scale and continue the rapid decline of prices until reaching global stasis.
–Barriers to entry are low for LED manufacturers, and start- ups can introduce new technology within 3 months, opposed to 18 months from traditional manufacturers.
–LEDs will take over conventional light sources by…
This is a preview of EL Insights Subscription Content. If you’re already a subscriber, download the current issue here.
Delivered two times a month, every issue of EL Insights is developed to help businesses understand the implications of an emerging energy, environmental or sustainability technology, to inspire innovation within companies, and to provide executives with timely data, charts and market insights.
For industry insiders needing to stay informed, EL Insights is the one subscription that delivers opportunity-focused, actionable insights that are both engaging and accessible.
Get a no-obligation issue of EL Insights here.
Stay Up-to-Date On Environmental Management, Energy & Sustainability News with EL's Free Daily Newsletter
Energy Manager News
- Behind the Meter: The Many Advantages of Energy Benchmarking
- Telecommunications Companies Upgrade Their Approaches to Energy
- Cutting Energy Use in Fire Stations
- Revolution Lighting Signs School Districts in NY, NJ
- Green Building Boom Is Pumping Billions into US Economy, Retrofits Are Fueling the Trend
- Energy Management: The Internet of Things Changes Everything
- Big Biogas Project Underway Down Under
- Kroger, Love’s Sign with LSI Industries