Researchers predict LED lights will dominate market by 2016
NPD DisplaySearch, which is part of the NPD Group, recently predicted that the popularity of LED lighting will continue to trend upward over the next three years. According to the research firm, there were 16 million lighting applications performed last year, and that figure will more than double to 33 million in 2013.
Perhaps most surprising is the staggering growth rate through 2016 - NPD DisplaySearch forecast that LED applications will reach over 90 million by that year. In total, the eco-friendly lights will account for 26 percent of all light sources if the prediction comes true. The figure accounts for both commercial and residential lighting applications. Steven Sher, an analyst at NPD DisplaySearch, believes there are many motivations behind the lighting trend.
"LEDs are playing a leading role in the lighting industry, driven primarily by government incentive policies and consumer demand for more efficient light sources with advanced technologies such as wireless and color control," Sher said in a statement.
State governments and utility companies might continue to play large roles in the mainstream adoption of LED lights. Many local agencies and power suppliers are offering monetary incentives to motivate residents to upgrade to eco-friendly lighting options. For instance, Greener Ideal reports that Duke Energy offers rebates to businesses that convert to LED from fluorescent systems in North Carolina. Entrepreneurs can receive a maximum of $70 off for every fixture that's upgraded.
Greener Ideal also notes that the federal government offers tax credits for conversions to LED lighting. These incentives are mostly for businesses and manufacturers, but some home owners can qualify as well.
Ultimately, NPD DisplaySearch's predictions are based on people realizing the benefits of LED technology. The green-energy lights are some of the best tools for illuminating a business or home while minimizing environmental damage.