Installed base of LED luminaries to hit 2.8 bn by 2023

According to a new report from Navigant Research, the installed base of LED luminaries for commercial applications is expected to grow from 187 million in 2014 to 2.8 billion by 2023.

The continuing evolution from fluorescent to light-emitting diode (LED) lighting technologies caters to a major interference for the lighting industry, changing the approaches by which lighting is provided to customers.

Even today, conventional lighting systems like fluorescent are the leading technology in the industry.

However, within next 10 years LED s are expected to become the favorite choice of lighting technology for commercial markets.

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LED products are still more expensive than the fluorescent lights they are meant to replace, but they are also more efficient and offer a range of additional benefits, such as improved color quality and better dimming, says Jesse Foote, senior research analyst, Navigant Research.

As such, an industry-wide transformation to LED lighting is picking up steam and is expected to accelerate in the coming years, he added.

The replacement rotations for commercial lighting systems will be much longer due to the longer lifespans of LED lamps.

The overall revenue from lamp sales will drop in the next ten years, compelling lighting companies to shift their focus from equipment suppliers to providers of services and advanced lighting controls.

Sabeena Wahid
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