From residential homes to strip malls, this is the time of year for festive outdoor lighting, and the chances are good that the lighting you’re seeing is LED lighting. The trend toward choosing energy-efficient LED lighting was substantiated by a recent Thomas Index Report article.
The Increased Popularity of LED Lighting
According to Sourcing for LED Products Lights Up, "data shows that over the past twelve weeks, sourcing activity for this category [LED lights and lighting] is up 28% over its historical average.”
This LED lighting trend has been driven not only by the retail sector but also the automotive and industrial equipment manufacturing industries.
LED Lighting Market to Surge
It’s not surprising to see LED enjoying such a surge of popularity. In fact, “the global LED lighting market is expected to surpass $70 billion by 2023," according to P&S Market Research. LED bulbs have an average lifespan of 25,000-50,000 hours, which greatly reduces maintenance and replacement costs.
LEDs are known for their energy efficiency, but did you know that they “can cost as little as two dollars per year to operate"?
The energy savings offered by LED lighting is attractive to consumers, of course, but when utilized in school, healthcare, industrial, and government settings, facility managers see a substantial decrease in costs.