The latest report from Pike Research shows that LED lighting will capture 52% of the Commercial Building Market by 2021. The price for these light-emitting diodes has already begun to decline.
The researchers believe that the lighting industry will change significantly during the next five years than it has in the previous 50.
Currently, the market share for LEDs is quite low due to a longer payback period and higher initial costs. Beside that, Pike Research estimates that the lighting products based on LEDs will be drastically reduced, between 80-90% over the next decade. This way, LEDs will be a more viable option for typical commercial applications.
LED prices will be similar to that of high-intensity discharge (HID) lighting, compact fluorescent lamps (CFLs), and general linear fluorescents. Eric Bloom, a research analyst, claims that “incandescent and less efficient T12 and T8 fluorescent lamps will be almost completely eliminated over the next 10 years.”