LEDs will account for 52% of commercial lighting by 2021
New York City -- A new report from Pike Research forecasts that LEDs will capture 52% of the commercial lighting market by 2021. Pike, a cleantech market intelligence firm, anticipates that LED lighting costs for various SSL products will be reduced by 80% to 90% in many cases during the next decade.
The report, “Energy Efficient Lighting for Commercial Markets,” finds that while the market share of solid-state lighting is still low, LEDs are gaining significant momentum as an alternative to incandescent and fluorescent lighting in commercial buildings, particularly as the cost of the technology continues its rapid decline.
“LEDs represent perhaps the most significant breakthrough of the last 130 years in lighting technology,” said research analyst Eric Bloom. “The production of white LEDs, which began in the late 1990s, is starting to transform the lighting industry, and the transition to this new technology is likely to occur very quickly."
According to Bloom, incandescent and less efficient T12 and