Demand for high-efficiency lighting the the U.S. is forecasted to grow 10 percent annually through 2017.
According to a new report from RNR Market Research, this market, which includes low voltage LED lighting as well as high efficiency compact fluorescent and high intensity discharge lighting, will be worth $11.7 billion in 2017. Growth will result from gradually stricter standards imposed by the U.S. Energy Independence and Security Act of 2007. As more incandescent products are put out of production, more consumers are expected to turn to efficient lighting.
Additionally, these greener lighting solutions are becoming more affordable. Rapid technological advances in the field of LEDs have relieved the sticker shock once previously associated with these lamps.
Strongest growth predicted for LEDs
LED lighting will outpace other high-efficiency lighting solutions, according to the report.
The strength of the LED market will be on the shoulders of expansion in both the residential and commercial lighting industries for indoor and outdoor lighting applications. As the costs come down, the adoption of LEDs will be a most viable option for adhering to EISA requirements while achieving a significant return on investment.
Linear fluorescent lighting will not be far behind LEDs due to increased use of T8 and T5 lamps, the more efficient replacements for T12 lamps.
Construction market to drive expansion
As nonresidential construction sees some growth through 2017, there will be more opportunity for progress in all high-efficiency lighting markets.
Commercial property owners and facility managers will turn to more high-efficiency lighting as a means of reducing their expenses in addition to compliance with EISA standards, including energy costs as well as material and labor costs for replacing bulbs.