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The Overall Value of the Lighting Market Will Shrink as Energy Efficient LEDs Displace Conventional Technology, According to Pike Research

While today cost remains a barrier to the adoption of more efficient lighting, particularly LED lighting, those costs are declining rapidly and mass adoption could happen in a relatively short timeframe. According to a recent report from Pike Research, LEDs will displace more than 52% of the global market for lamps in commercial buildings by 2021. The cleantech market intelligence firm anticipates that the combination of declining prices for LED lighting and the accompanying extended lamp lifetimes will have the effect of shrinking the overall value of the market. While revenues from LED lamps in the commercial sector will rise by 8.5% through 2021, to $2.7 billion, Pike Research forecasts, the overall market for commercial lighting will peak at $54 billion in 2012 before contracting through the remainder of the decade, hitting about $30 billion in 2021.