According to a new report from Navigant Research, global shipments of LED lamps and modules are expected to increase from 864 million annually in 2015 to over 4.1 billion by 2024.
LED prices have declined to a point where this type of lighting is being the economical choice in almost every application. And because of this the adoption of LED lighting is ramping up across all major end uses: commercial, residential, industrial buildings, and outdoor applications.
Early adopters were attracted by some of the unique features of LED lighting, such as improved efficiency, improved operation in cold environments, and enhanced controllability. The current wave of adoption, by contrast, is much more focused on the value of ongoing energy savings compared to a relatively modest increase in upfront cost.
According to the report, while Europe has perhaps led the way on residential energy efficiency, incandescent bans and minimum efficacy levels for bulbs are being introduced throughout the globe. In North America, the Energy Independence and Security Act, which requires 25% greater efficiency for light bulbs, phased in from 2012 through 2014, is in full swing, and the Canadian equivalent is not far behind. The laws of physics make it almost impossible for a manufacturer to design a bulb that is as energy efficient as a CFL or LED bulb.