A new report by WinterGreen Research predicted that LED lighting will be the most cost-effective lighting solution by 2019.
The "LED Lighting: Market Shares, Strategy, and Forecasts, Worldwide, 2013 to 2019" report found that LED lighting systems were responsible for causing a significant shift in the world of efficient lighting, spurring the creation of new regulations and standards for greener lamps and fixtures. As a result, incandescent bulbs are expected to have minimal market penetration as research and manufacturing focuses on creating better LED bulbs, causing prices LEDs to decline rapidly.
"Frequent product introductions have characterized the LED lighting industry," said Susan Eustis, leader of the research team. "There is a highly competitive pricing environment with the current price point of $10 in 2013 per light about to decline to $6 per light. These market characteristics increase the need for continuous innovation."
The low voltage LED lighting industry is projected to experience 45 percent growth by 2019, as more North American lighting sales move away from incandescent lighting and toward LEDs. These green lighting devices lower the cost of operation and maintenance in commercial settings, making them the most viable option for application in hospitality settings, warehouses, parking garages and more.
