The light-emitting diode (LED) lamp market has been forecasted to reach a consumption value of $3.36 billion in 2019—almost tripling from last year.
According to ElectroniCast Consultants, the 2014 market hit $1.22 billion and will increase at an annual growth rate of 22.4 per cent to reach the 2019 prediction. The market is based on general lighting applications including indoor and outdoor accent and functional lighting for residential, commercial, and government areas.
The LED lamp market includes eight lamp categories:
- parabolic aluminized reflector (PAR);
- general service (A-Type);
- decorative for aesthetic expression;
- multifaceted reflector (MR)-compatible;
- linear tube and tape (protected strip);
- high-bay for industrial use; and
- other miscellaneous LED lighting.
Within each lamp category, there are subcategories determined by physical size and watt equivalents for a more precise calculation.
Click here to read a previous article in The Construction Specifier that examined the use of LEDs at car dealerships to not only implement sustainability, but also reduce the cost of illumination.