Global finance company Goldman Sachs has emphatically backed LED technology to dominate the lighting industry by 2025. In research depicting the anticipated rise of energy efficient and environmentally-friendly technologies over the next decade, the Goldman Sachs team have estimated that LED bulbs will account for 95% of the lighting industry.
If this anticipated result comes to pass, it will represent one of the fastest and swiftest technological shifts in human history. As recently as 2010, LED bulbs accounted for just 1% of the entire lighting industry, demonstrating a radical shift in consumer trends and buying patterns.
Goldman Sachs moved to compare the rise of LED technology to two other growing energy efficient technologies: hybrid and electric vehicles, and solar and wind power. Although these other technologies are set to grow (and significantly so), their market shares will be nowhere near the size of the LED lighting share.
The growth of LED lighting has already proved astoundingly impressive, with the market share growing from almost nothing to roughly a third in a few short years. This growth is only expected to increase and intensify over the coming years as more consumers become aware of the technology, and as the technology continues to improve.
Currently, LED bulbs used roughly 85% less energy than incandescent bulbs and 40% less than fluorescent bulbs – saving users a huge amount of money and significantly cutting environmental impact. Goldman Sachs also estimated that the energy reduction offered by LED bulbs will only continue to grow as the technology improves and the demand increases.
Another factor which Goldman Sachs believes will make an impact is the anticipated reduction in production costs of LED bulbs which will result in savings for consumers. This had already led to many institutions, cities and councils replacing their existing lighting infrastructure for an LED alternative.
As more consumers become aware of the great savings which are possible when switching to LED bulbs, it’s only natural that an increasing number of people invest in the technology.
It’s is not just the qualities of LED technology leading towards an increased market share, but also the fading fortunes of the alternatives - incandescent and fluorescent bulbs. Over the past decade many countries – including the USA, Canada, China, India, South Korea and more – have announced plans to phase out incandescent bulbs, due to the negative environmental impact they cause. Many of these nations gave themselves a number of years to slowly ban incandescent bulbs, and the deadline date for most is quickly approaching.
The importance of LED lighting cannot be underestimated, providing a clean way for millions of families around the world to safely, affordably and effectively light their homes. The impact is so profound that three scientists won the Nobel Physics Prize for their 1990s invention of the LED – a future-proof technology which is helping improve lives around the world.
If you are new to LED lighting and wish to fill your home or business premises with industry-leading light technology, please visit our homepage for a great range of LED bulbs in a wide selection of shapes, styles and sizes. Alternatively, call our sales team on 01254 695 914 and we’ll help you find the perfect units for your property.