Apr 14, 2016: A new white paper from Navigant Research explores the key market transformations taking place as the lighting industry shifts from traditional lighting sources to integrated lighting, with revenue forecasts for light-emitting diodes (LEDs), lighting controls, lighting as a service, and building energy management systems, through 2024.
The lighting industry is headed down a path of market transformation, with new technology developments and innovative applications expected to eventually displace the traditional light bulb. LEDs are the force majeure in today’s lighting industry, offering significant energy savings, controllability, and lifespan benefits that are already creating market disruption.
According to a new white paper from NavigantRSRCH, advanced lighting technology revenue is expected to reach $16.9 billion in 2024, signaling the end of the lightbulb.
“The public’s eventual acceptance of LEDs and the increased market penetration of organic LEDs (OLEDs) has provided a platform for flexible LED and OLED lighting sheets that will eventually create another major shift in the lighting market,” says Krystal Maxwell, research associate with Navigant Research. “These products, using a completely new form factor, have the potential to change the way lighting is experienced and ceilings, wallpaper, and windows are constructed.”
Indeed, keeping the lights on is not the only objective in today’s market, according to the report. As technology continues to evolve, research and development and pre-commercial products are providing a glimpse into the possibilities for future lighting that moves beyond just seeing in the dark to providing a new gamut of use cases and benefits.
This white paperexamines the opportunities and challenges related to the evolution of the lighting industry. The study looks at the key market transformations that are taking place as the lighting industry shifts from traditional lighting sources to integrated lighting. Forecasts of the revenue indicators of market transformation tied to LEDs, lighting controls, lighting as a service, and building energy management systems extendthrough 2024.
The report also examines the evolutionary pace of lighting technology and provides a glimpse of new LED and OLED lighting products that are moving the industry forward on the trajectory toward the end of the light bulb.
Source: Navigant Research