LEDs offer superior operating lifetime, efficiency, and color quality, and will replace incumbent technologies such as fluorescent and high-pressure sodium in the global lighting market. As LED packages rapidly fall in cost and improve in efficiency, the cost structure of LED luminaires will shift, and presents opportunities in other components such as secondary optics and drivers. This trend in turn influences the rate of adoption of emerging technologies, such as AC LEDs and high-CRI LEDs in recessed modular, high-bay, and roadway luminaires. Combined, the recessed modular, high-bay, and roadway LED luminaire markets will grow from $2.8 billion today to $25 billion in 2023, at a CAGR of 25%. In this report, we identify the largest opportunities within the LED luminaire market for investors, technology developers, and component suppliers alike.
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