The market for LEDs is strong and growing stronger as the technology becomes more affordable and buyers gain confidence.
Arkon LED founder Eleni Lelekis got into the light-emitting diode business because she held a conviction lighting could be done better. Now, nearly five years down the road, that conviction is being proven true many times over.
Industry-wide revenues from LEDs have grown at a compound rate of about 13% per year since 2010, and market share has grown from just under 12% in 2012 to more than 25%, according to a U.S. Department of Energy report.
Ed Crawford, CEO of Philips Lighting North America, has said the decreased cost of LEDs has caused a “paradigm shift” in the lighting industry that has “changed everything.”
Lelekis has been saying the same thing for nearly a half decade.
“We told anyone who would listen when we were starting out that this was the first major technology shift in illumination since Edison invented the light bulb,” Lelekis said. “Seeing LEDs take over the market from legacy technology was a fair accomplishment.”
Now, Forbes Investing and other market forecasters are predicting the LED lighting market will grow 45% per year through 2019. By 2020, LEDs are expected to account for at least 80% of the entire lighting market. At an LED market share of 84%, domestic lighting energy consumption would be reduced 40% every year, according to DOE’s Energy Savings Forecast of Solid-State Lighting in General Illumination Applications. That would save 261 terawatt-hours of electricity, worth more than $26 billion at today’s energy prices and equivalent to the energy consumed by nearly 24 million U.S. homes.
Companies like Arkon LED and their customers stand to benefit from that kind of growth. Even as the cost of LEDs continues to decrease, making the money-saving technology increasingly affordable for businesses and individual consumers, the market could generate almost $100 billion by 2020, Forbes said.
That’s the exact kind of market flip Lelekis predicted when she joined the LED industry in 2011.
Arkon LED has already begun riding the wave, fanning out from its humble beginnings servicing the southeast United States to working with companies across the country and in Canada.
“We’ve gotten to the point that there is really no job we cannot provide lights for,” Lelekis said. “Arkon LED can provide lights for literally any company looking at LEDs. We can all be partners in energy—and money—savings.”
To learn more about the LED market or Arkon Power, email Info@ArkonPower.com.