KUALA LUMPUR, Malaysia
March 28, 2013
/PRNewswire/ -- Lighting accounts for a significant percent of the non-residential sector's utility expenditure, creating a need for more energy-efficient and hence, cost-efficient lighting options. Light emitting diode (LED), with its greater functionalities, higher energy efficiency and lower heat wastage than conventional lights, is well poised to make the most of the opportunities in the
New analysis from Frost & Sullivan (
Non-Residential LED Market in Asia-Pacific
, finds that the market earned revenues of approximately
in 2012 and expects this to reach
by 2017. The study covers the application sectors of commercial, architectural, public, industrial and public lighting.
"LED lights are ideal for areas with low clearance, excessive moisture or dust, corrosive atmospheres, and high ambient temperature," said
Frost & Sullivan Energy & Environmental Research Analyst
. "The high recyclability of LED lamps is in line with businesses' corporate social responsibility policies to reduce their carbon footprint."
While LED's benefits are apparent, customers are often dissuaded by the high initial investment required to transition from conventional lighting to LED. However, investors can be persuaded by demonstrating the return on investment through energy savings. Further, with supply expected to exceed demand, there could be a drop in prices.
Another reason for a likely price reduction is technology development. The LED market offers a diverse range of products that property owners can choose from to suit a particular property or lighting need. An LED company's success will partly depend on the versatility and customizability of its products as well as its ability to help customers make an informed decision.
"Recent breakthroughs will greatly extend the performance limits of LED lights, increasing their applications as well as making them feasible to several end-user segments," noted Kay. "As LED lighting technology improves, the rate of adoption of LED lights for general lighting is also expected to increase."