LED lighting in a modern garage

The Express Growth of the LED Lighting Market

 

The popularity and affordability of LED lighting has enabled the industrial sector to increasingly invest in this new energy saving technology. Globally and across the United Kingdom organisations have been switching to LED lighting in their droves.

Globally, the LED lighting market is expanding at an impressive rate of 13%. As of last year (2016) the international market value stood at $26.09bn and is estimated to grow to $54.28bn by 2022.  The industrial lighting market has shown equal promise. It was valued at $7.59bn during 2016 and is expected to grow by 7.82% year on year until 2023 when it will be worth $13.17bn.

Similar increases have been noted in the UK. Here, the market expanded from £0.425bn in 2014 to over £0.6bn in 2015 and is expected to grow to £1.1bn by 2018. This healthy growth has been facilitated, in the UK, by falling manufacturing costs, environmental legislation as well as increased awareness of energy cost and carbon savings.

The growing awareness of LED lighting’s benefits has encouraged large businesses and publically funded projects to invest in LED lighting.

Heathrow Airport recently upgraded to LED lighting as part of a strategy to reduce their carbon emissions by 30% by 2020. As well as carbon reductions the airport also installed LED lighting to enhance traveler ambience within the airport and to reduce energy costs. Heathrow were delighted LED lighting rarely requires maintenance.

A recent LED lighting upgrade by Transport for London also identifies the cost effective nature of LED lighting. Dr. Leon Smith, project lead for TfL, opted for LED lighting ‘… due to the huge savings in maintenance and labour’. He also admired the energy savings of up to 80% compared with the previous lighting.

Throughout the United Kingdom numerous local authorities have transitioned towards LED street lamps. Mark Flynn of Dundee City Council ‘our move to 4,200 LED street lights has stopped 2,165 tonnes of carbon dioxide being put into the environment over three years’. As well as carbon reductions, energy and maintenance cost reductions were very important as a publically funded organization.

The significant benefits LED lighting offers along with the ever decreasing initial costs makes this form of lighting increasingly more attractive to business. Businesses are keen to reduce their energy and maintenance costs as well as carbon output through LED lighting. The future will bring further reductions in cost, greater efficiency and increased sales of LED lighting.