The global market for energy efficient LED lamps in commercial buildings is projected to record a 6.9% increase between 2019 and 2028.
Market intelligence firm Navigant Research forecast revenue generation within the LED lamps in commercial buildings market to increase whilst all other lighting technology revenue declines, during the next decade.
Factors pushing owners of commercial buildings to adopt energy efficient lamps include changing building standards, corporate sustainability initiatives, and the rising energy costs.
Moreover, LED lighting is a less expensive initial investment than upgrading the HVAC or building management system.
The market has recorded a continued upward trend since 2017.
Krystal Maxwell, senior research analyst with Navigant Research, said: “The technology for LEDs has improved in quality and prices have declined since LEDs first became available, making them more competitive with other lighting technologies.
“The improved efficacy, efficiency, and cheaper costs have driven adoption of LEDs in the commercial building market globally.”
For more information about the report, visit Market Data: Energy Efficient Lighting for Commercial Markets,