By BizLED Bureau
October 7, 2015: General Electric (GE) will combine its LED business with software, solar and energy storage to offer clients more efficient systems. By this initiative, GE expects that its revenue will grow fivefold by 2020, as the company see immense business opportunities in this domain. The new unit will also offer solar, energy storage and electric vehicle-charging technology.
GE has already tested the combination of LED lights, sensors and software analytics to reduce costs at commercial buildings, where lighting account for about 20% of the electricity costs.
According to GE, the new business will increase its annual sales to about $5 billion in the next five years, which is now $1 billion currently.
GE?s LED revenue increased up by 77% in the second quarter of 2015, while the company?s other products fell by 17%. Commercial LED on its own will earn revenue of about $1 billion.
The company is now focusing on the manufacturing units, which make products ranging from jet engines to oilfield equipment, and shrinking the GE Capital lending arm.
GE is already working with customers including the city of San Diego, Hilton Worldwide Holdings Inc. and mall operator Simon Property Group Inc.