Lux Research is predicting LED lighting will have 25% compounded annual growth, growing from $2 billion today to $25 billion in 2023. Their methodology employed historical trends and projected average price reductions to build a model that calculates the potential adoption rate of LED lighting.
Lux Research analyzed the adoption rate of LED luminaires in specific end market applications including office, industrial, and street lighting. They concluded that recessed modular would emerge the largest LED luminaire market, growing from $1.5 billion in 2013 to $14.5 billion in 2023 by replacing incumbents such as fluorescent.
Applications for LED luminaires in offices and commercial locations are rapidly becoming reality. LED troffers and LED surface mount luminaries are already able to compete with fluorescent variations. When utility company rebates are available, the LED choice is obvious with LED troffer prices falling to as low as $75 per luminaire.
Access Fixtures is leading the way with MaxLite, Toshiba, LG and Xicato LED products in commercial, industrial, and sports lighting. Contact an Access Fixtures lighting specialist to find out if LED is a viable alternative for your next project.