Tom Pincince, chief executive of a lighting systems company in Boston, wrote a guest post for Forbes about the opportunities the lighting market will receive within the next few years. He states that LEDs are in their early stages of market penetration. “Now LEDs are ready for a broad range of applications,” he says. “They are able to successfully displace conventional lighting technology.” He believes that LEDs are ready to be integrated with intelligent systems that provide more than just energy efficient light sources.
LEDs have already been introduced to the public and are increasingly being used in a variety of lighting applications, including vehicles and small transportable devices. The industrial market is extremely attracted to LEDs due to their efficiency and endurance. They can also easily replace traditional bulbs by fitting directly into existing lighting fixtures. The commercial markets are also starting to become interested in LEDs, but the residential market still needs some convincing. Pincince suggests that this is because industrial and commercial companies require high wattage lights to operate for long periods of time, and using more efficient, longer lasting lights costs them less money in the long run. Also because businesses have long term plans and have analyzed the differences in costs between the types of light bulbs. Pincince suggests that once most of the industrial and commercial markets are accustomed to LEDs, the residential markets will start to jump in on the trend as well. He also states that “the worldwide lighting market is expected to reach $110 billion overall by 2020.” Looks like there is a light at the end of the tunnel for LEDs!