The market for light-emitting diodes (LEDs) should grow dramatically over the next decade, passing compact flourescent lightbulbs as the biggest emerging lighting product, according to a new report.
LEDs — a light source made from semiconductors — will account for 46 percent of the $4.6 million commercial and industrial lighting market by 2020, says the report by Colorado-based Pike Research. LEDs currently make up about 2 percent of the market.
A shift toward LEDs among commercial customers and municipalities, rather than homeowners, will drive this transformation, the report says, since businesses will be more likely to invest money upfront if they benefit from long-term cost-efficiencies.