By BizLED Bureau
Jan 12, 2016: A recently published report on the UK lighting market forecasts steady and healthy growth in 2016 as LED lighting continues to boost sales. MTW Research, who released the report, identifies a number of key opportunities to grow sales in both domestic and international sectors, with a sound 4% growth forecast for this year.
With LED lighting providing significant impetus, the overall lighting sales are set to exhibit above-inflation growth to 2020,
Key opportunities and growth predicted for UK LED market
MTW identifies several technologies set to offer new directions and growth to the lighting market in 2016 and years to come. This is certainly good news for manufacturers and competitors alike. One of the most promising technology is Li-Fi, which uses light to transfer data at high speeds, harnessing state-of-the-art light sources to provide ultra quick connectivity.
Another technology area is Energy retrofits, which are set to offer significant growth. With new demands set to grow as well, enhanced efficacy of LED lighting has continued to boost lighting refurbishment.
The report displays a positive forecast for most of the key lighting sectors, but leading the beacon is LED lighting, which is clearly ahead of the competition.
On a flip side, MTW identifies a stagnant state of the LED market, which has been seen in the American lighting industry in the last few years. Demand in volume for LED lighting will increase as manufacturers seek to capitalize on its financial success, but this could lead to a price pressure.
The research also observed more than 65% of lighting retailers that have experienced revenue growth in the last year. A time has come now to focus on the new innovations and implementations in LED sector.