According to market research undertaken by Technavio1, LED lighting will be the fastest growing segment in the lighting market with its revenue share surpassing traditional lighting by 2018.
The report suggests this is due to the rapid emergence of ‘smart cities,’ which have been designed to drive forward energy efficiency in everyday living, as well as propel economic growth and quality of living through the integration of ‘connected’ technology. The research also indicates that the market growth is likely to increase as the demand for both commercial and residential space continues to rise.
James Harding, category manager at Newey & Eyre commented, ‘LED technology is leading the way when it comes to cost effective, long lasting lighting solutions. And, in recent years it has moved to the forefront of energy efficiency, making LEDs the first port of call for commercial customers looking to improve the performance of their buildings.
‘It is therefore great to see from this research that the UK sector is growing, indicating that specifiers across both large and small projects are switching on to the benefits of LED lighting.’