LED Industry Future is Bright
LED Industry Future is Bright
What have we previously seen in lighting industry? Over the past two years, we published a couple of reports looking specifically at the impact of public sector purchasing on the roadway lighting industry, in general. For a look at the April 11th, 2017 report: ‘How Bright is Roadway Lighting Industry?’. Back on November 18th, 2016, we published, ‘What are U.S. Governments Doing About Roadway Lighting Needs?’. In the following analysis, we take a look at the LED industry, while including, of course, a continued focus on the role government investment is having on the industry.
Why the move to LED for lighting solutions? In these days of everyone looking for savings, demand for energy efficient lighting solutions, and the goal of being environment-friendly, the U.S. Department of Energy offers up, “…LEDs use significantly less electricity per lumen produced than many traditional lighting technologies.” Businesses, along with the public sector and ordinary citizens are looking for ways to meet their lighting needs.
Where is the LED (Light Emitting Diode) industry headed? While the past decade has been a very busy time period for the LED industry, it is a foreshadowing of even better times ahead. P&S Market Research put out a report forecasting, “global LED lighting market size is projected to cross $70.2 billion by 2023, growing at a CAGR of 12.6% between 2017 and 2023.”
For a current, more detailed trend analysis done by those directly involved in the LED industry, check out the informative piece done by LEDinside. In their lead-in, “LEDinside analyzed top 10 LED demand and supply market trends in 2018, including IT display market, general lighting market trend, architectural and landscape lighting market trend, automotive LED market trend, display market trend, infrared LED market trend, UV LED market trend and LED supply market analysis.” For the full report, go here.
As noted by LEDinside, the future is promising for the LED industry, “It is expected that before 2020, there will be 6-7 billion LED lighting being used per year.” The acquisition and use will come from everywhere. As one random example, just last week, Journal-News reported, ‘Elementary school’s new lighting saves money, conserves electricity‘.
We have researched and reported on the influence government entities, large and small, have on industry growth. As with the prosperity of varied industries, and the call for improved lighting solutions, it stands to reason that government would be at the forefront in utilizing LED. With that, we have arrived at our analysis of relevant bid request / RFP activity by U.S. and Canadian governments. Note that, by “governments’, we mean state, local, province, federal, education, military, etc…
In order to identify and review the LED lighting and LED signage bid request / RFP activity, over the past twelve months, we used BidPrime’s ‘market analysis’ research tool.
Based on our findings, and what is being reported elsewhere about the industry, the future for the LED industry is very bright. Without any doubt, the public sector will continue to play a role in the prosperity.
For more information on the bid requests / RFPs, and associated solicitation documents, contact us at 888.808.5356 or visit BidPrime.