LED Luminaires and Lamps for High-Bay Lighting Applications Will Reach $7 Billion in Annual Revenue by 2021, Forecasts Navigant Research
Cost and energy savings make more expensive LEDs economical, report concludes
BOULDER, Colo.--(BUSINESS WIRE)--The market for high-bay lighting in commercial buildings is undergoing a rapid shift from traditional, fluorescent luminaires and lamps to light-emitting diodes (LEDs). While fluorescent lights are expected to remain the best-selling technology for high-by applications over the next 7 years, falling prices and rising efficacy of LEDs will create a tipping point for the large-scale adoption of LEDs in this segment. Click to tweet: According to a recent report from Navigant Research, worldwide revenue for LED luminaires and lamps in high-bay applications will grow from $2.6 billion in 2014 to $7 billion in 2021.
“High-bay LED lights are still considerably more expensive than their non-LED counterparts, but payback periods have shrunk to the point where decision makers are choosing this lamp type based on cost savings and payback alone”
“High-bay LED lights are still considerably more expensive than their non-LED counterparts, but payback periods have shrunk to the point where decision makers are choosing this lamp type based on cost savings and payback alone,” says Jesse Foote, senior research analyst with Navigant Research. “The energy and cost savings of LEDs will make them the dominant technology for high-bay applications within the next 10 years.”
Sales of high-bay luminaires and lamps are not expected to rise and fall in parallel within every building segment, according to the report. The largest two building segments, warehouse and industrial buildings, will see negative compound annual growth rates for luminaire and lamp revenue of -0.8 percent and -0.9 percent, respectively, between 2013 and 2021. Those declines will be due to the longer lifespans of LEDs, as well as the decreasing stock of the two building types in North America and Europe.
The report, “High-Bay Lighting”, analyzes the global market for high-bay lighting in the following five building types: warehouse, industrial, gymnasium and indoor sporting facilities, high-bay retail, and transportation. It provides an analysis of the significant market drivers, trends, and opportunities associated with luminaires, lamps, and networked lighting controls in these high-bay applications. Global market forecasts for unit sales and revenue, segmented by lamp type, building type, and region, extend through 2021. The report also examines the major technology issues and trends related to high-bay lighting, and profiles the key industry players in this market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “High-Bay Lighting,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.