It’s no secret that the future is bright for the LED and laser light market. The average consumer is increasingly turning to alternate forms of both indoor and outdoor lighting that, on average, lasts longer, is more luminescent and is more environmentally friendly than your father’s old 40-watt.
LED lights tend to have the edge over laser lights in the mass market but things have been changing for both lighting products over the course of the last ten years and will no doubt continue to change over the next decade.
The LED Lighting Market
Just this year, Zion Market Research published a study that found the LED light market accounted for USD 26.09 billion in 2016 and is anticipated to reach USD 54.28 Billion by 2022, developing at a compound annual growth rate of around 13% between 2017 and 2022! Plainly speaking, this is incredible growth for something that just a few years ago was considered a niche market.
It’s not just the soft lights for your kitchen or den that have been pushed to the side by these LEDs either. The outdoor LED light market is also swelling. In fact, a recent research report suggests that of the $6.5 billion USD that the outdoor lighting market raked in in 2015, an astonishing 51% of that was LED lighting! These estimates suggest that the outdoor lighting market will continue to grow at an annual compound growth rate of 4% from 2015 to 2021.
Of course, it’s our homes that are benefitting from this turn toward LED lights as we see our electricity bills begin to shrink and our wallets fatten with less money spent on wasteful incandescent bulbs or harsh halogen bulbs.
But whole cities are also beginning to see the virtue of LED bulbs. Over the course of four years, Los Angeles installed 140,000 LED streetlights, ending in 2013. New York City has revealed plans to retrofit 250,000 fixtures with LED lighting. Millions of dollars will be spent in the next ten or so years to improve outdoor lighting, and emerging LED tech will offer a vital chance to do it right!
The Laser Light Market
Laser lights, on the other hand, have been a little behind the curve compared to their admittedly less expensive LED counterparts. But don’t count them out just yet, as indoor and outdoor laser lights are set to make huge strides over the coming years.
Laser lighting gained ground in the auto world when BMW introduced the i8 laser headlights for their higher-end models. While the light they produce is unmatched, they are, as you might imagine, very expensive. Movie theatres too are beginning to make the switch to laser projectors as the picture quality is second to none. The biggest issue is eye-safety and cost, but leading laser lighting researchers suggest that these problems could be mitigated within three to five years.
Although lasers are often the preferred light source of the industrial and technological word, expect to see them in homes and gardens sooner than not. Laser home light bulbs are quickly gaining ground because, while LED lights decrease in light the harder they are pushed, lasers continue to light evenly. Research suggests that with more research and future technological innovations, laser light bulbs will be cheaper and more effective than their LED counterparts.
The average consumer too is moving toward laser lights for their outdoor holiday light displays. Safety is the crucial issue as, in 2012 alone, an estimated 15,000 people were admitted to emergency rooms with injuries relating to hanging holiday lights. Therefore, people are beginning to realize en masse that it’s simply easier to dig a stake into the ground and cast a brilliant holiday glow across their home with no muss and no fuss.
You Better Where Shades
With all this talk about LED and laser lighting, it’s a wonder why folks still use their halogen bulbs or, even worse, their old incandescent lights. In the future, we’ll all be basking in the glow of LED and laser lights whether we’re indoors, or outdoors. So if you’re like us, you’ll be grabbing your shades and soaking up the diodes!