According to a recent study, the global LED lighting market will reach US$25.7 billion in 2015 and US$63 billion by 2020, with a CAGR of 45% per year.
High energy costs are a particular burden to small business. A recent study reports that over 1/3rd of small businesses report energy costs as among their top 3 business expenses. Energy is also a major cost factor for 24-hour, lighting-intensive concerns such as hospitals and parking garages. Reducing that burden, for businesses of all types, could free up needed resources for growth and expansion, and could serve as a primary driver of economic growth in the U.S..
Indeed, LED lighting is one of the quickest ways small business owners can reduce their energy bills. First, LED lights use up to 80% less electricity than the conventional halogen bulb. Second, LED lights put out significantly less heat than the traditional bulb, meaning the air conditioning won't have to work as hard when summer comes around.