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It has been estimated that lighting applications account for more than 20% of the global electricity consumption, and this has led several countries across the globe to frame policies that ban the use of inefficient lighting sources and promote the use of efficient lighting sources through subsidies and tax incentive programs. For instance, the Custom Energy Rebate Program announced by the Elk River Municipal Utilities (ERMU) of Orono, US, offers rebates to customers who purchase and install energy-efficient lighting solutions in new buildings. Even electric utility companies such as Minnesota Valley Electric Cooperative in Jordan, US, have announced lighting retrofit rebate programs that offer rebates on the purchase and installation of energy-efficient lighting products in existing buildings. The rapid depletion of non-renewable energy and the growing awareness on global warming among all countries across the globe will result in the introduction of new policies and subsidies, which will demand the use of energy-efficient lamp ballasts during the predicted period.
The continuous decline in the average selling price of chips and components used during the manufacturing process of LED devices has resulted in the decrease in manufacturing cost of LEDs. Market research analysts at Technavio predict that this decline in manufacturing costs will continue in the coming years and will lead to a decline in the initial installation cost of LED lights and fixtures. This recent decrease in the cost of installation will propel the adoption and installation of LED lamps across all residential and commercial projects.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Technology landscape
PART 06: Market landscape
PART 07: Market size and forecast
PART 08: Analysis
PART 09: Geographical segmentation
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Appendix
PART 17: Explore Technavio
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