The U.S. market for LED and high-efficiency lighting will continue to grow 10 percent annually through 2017. This will be an increase from $7.1 billion in 2012 to $11.7 billion in 2017 according to market research firm Freedonia in its industry study "LEDs & High Efficiency Lighting in 2017."
The growing market for LEDs may be the result of a growing adjustment to the phase-out of traditional incandescent lamps by the Energy Department in 2007. Improvements in LED technology as well as lower purchase prices are also a factor in the adoption of this technology.
"While the high initial price of LEDs has hindered their adoption in many traditional lighting applications, technological innovations that reduce costs and improve performance will make these products increasingly competitive."
Through 2017, the commercial market for high-efficiency lighting products will be especially strong thanks to the shift to higher-value and longer-lasting lighting products.
Read more about the study.