The US market for commercial and industrial LED lighting is forecasted to see $330 million of revenue in 2010, with potential to grow next year at over 30%, and surpassing $1 billion in annual revenues by 2014, according to Enterprise LED Lighting: Commercial and Industrial Market Trends, Opportunities & Leading Companies, a report from GTM Research in collaboration with Groom Energy.
The study says that rapid market growth will come from three emerging trends:
1. Recent LED chip performance advancements which allow more cost effective designs for replacing existing lighting systems;
2. Newly introduced utility energy efficiency financial incentives for converting to these LED-based systems;
3. Increased interest from building owners in applying sustainably oriented lighting retrofits that save money for their operations.
The Department of Energy estimates that replacing regular light bulbs with LEDs could lead to energy savings of 190 terawatt-hours annually, or the amount of energy consumed by more than 95 million homes. Major environmental expos such as the USBGC annual Greenbuild Conference offers a platform to showcase technology innovations. Companies (Macy’s, Fresh & Easy, US Foodservice) include LED lighting retrofitting as part of their energy efficiency investment strategies.