Let There Be Light! The Booming Field of LED Lighting

Let There Be Light! The Booming Field of LED Lighting
Wednesday, April 2, 2014

According to a recent study conducted by Lux Research, the business of LED-based luminaries is expected to rise to $25 billion annually by the year 2023 (versus today's $2 billion) or an annual growth rate of around 25%.

That staggering figure just goes to show that this is a blossoming market, and the time is right to investigate these little lights for applications beyond party lights.

There are tremendous opportunities for practical applications of LED lights; we’ll be seeing applications for office, industrial and home from innovators in no time. Simply replacing fluorescent lighting in homes and offices across the country will account for more than half of that projected figure: $14.5 billion in revenue by 2023.

There are a number of reasons why this is good news, chief among them the highly efficient use of energy and longer life, which will save money for businesses in the long run. Increased availability and the resulting lower prices of LED packages is making it possible for more people to make the switch to this futuristic lighting in a variety of settings.

It's just another sign of how the optics industry in leading the charge into a brighter, more sustainable future.

Of course, LED lighting is just one of many innovative products that Greenlight Optics provides. To find out about all of the products and services we offer, contact us today 513.247.9777 or fill out this form, and we'll be in touch.

You can also keep up with us on Facebook and Twitter, for more optics news, and ideas on how we can brighten up your home or business.

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