A report by Navigant Research called “Outdoor and Parking Lot Lighting Systems” states that as the prices of LEDs fall, the business case for replacing fluorescent, high-pressure sodium and metal halide lamps with LED lighting in outdoor or parking lot systems is becoming much more compelling.
The report forecasts that worldwide revenue from LED lighting for applications such as outdoor and parking lots will rise from $921 million annually in 2014 to $1.4 billion in 2021.
Over the 10 year forecast period, global shipments of outdoor lighting bulbs will grow at a compound annual growth rate of 6.2 percent, rising from 9 million units in 2014 to 15 million units in 2023. LEDs lead the market, which will account for almost 50 percent of unit shipment in 2014, according the report.
Source: Energy Manager Today