A new report out by Navigant Research predicts as many as 1.28 billion LED lamps will have shipped by the time 2021 rolls around.
As far as we know, LEDs are not holding the world ransom, but we do find this quite astonishing!
LED lights are beginning to penetrate the marketplace at a greater rate than ever. As of now, LED manufacturers like Noribachi, are predicted to ship approximately 68 million lights this year.
Navigant Research also notes that although LED product shipments will compound at an annual growth rate of 44.3 percent for the next eight years, commercial lighting revenue will go decrease as more businesses begin to adopt longer-lasting lamps.
Until that happens, LED manufacturers have a bright future in the marketplace with many more industries adopting LED lights such as the food industry for cold storage applications and the sports industry for stadium and arena lighting.