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Global Sales of High-Bay Luminaires and Lamps Are Expected to Total Nearly $20.4 Billion by 2024

September 30, 2016 1:43 am

Falling prices and increased efficacy have allowed light-emitting diodes (LEDs) to penetrate the high-bay and industrial lighting markets, both of which are currently led by fluorescent lighting. Payback periods are reaching the point where LEDs are being selected for their relatively quick return on investment, added controllability, long lifespans, and low maintenance.

There is still a fair amount of resistance from facility managers to the technology’s increased upfront capital costs,” says Benjamin Freas, principal research analyst with Navigant Research. “However, they are also beginning to understand that while LEDs are currently more expensive, future controls applications will depend on LED functionality to operate properly.”

Globally, networked lighting controls are expected to see consistent revenue increases through 2024, according to the report. While the same trend of increasing LED sales is expected to continue beyond 2020, average selling prices are anticipated to continue falling and lamp replacement sales are expected to slow as the installed base of longer-life LED lamps grows.