The global market for LED lamps and modules will total $216 billion from this year to 2024, according to Navigant Research. The researchers found that prices have dropped to the point that they are an economical choice and that the category is benefitting from the attention paid to LEDs’ energy savings.
ROI now is below two to four years, the firm found. In the commercial sector, LEDs are found to be so efficient that incandescent and halogen bulbs are expected to exit the market by 2024. LED sales are being driven by bans on older forms of lighting. This trend is most pronounced in North America and Europe, but is being seen elsewhere.
One city contributing to the growth is St. George, UT. The city council last week approved the purchase of enough fixtures and bulbs to convert about 1,500 streetlights to LEDs, according to The Spectrum. The project will last several years, starting with the changeover of about 300 lamps in the downtown area. The city approved a bid of $156,740. An analysis last year determined that about $4 million could be saved over 15 years by converting to LEDs.