Expansion of the LED light bulb market is continuing to grow exponentially, according to a new report by a Taiwan-based packaging house for the bulbs. Penetration for the bulbs is likely to rise to 30% across the globe in 2014, as countries adopt the technology for their public lighting, homeowners choose to use them to cut their energy bills, and businesses subscribe to sustainability policies that will improve their reputation with consumers.
In addition to the news of their greater penetration across the world, retail prices for LED light bulbs continue to fall; indeed, it is expected that by 2015, the price of LED light fittings will have fallen by an incredible 85% on 2010 prices, demonstrating the prevalence and popularity of the new lighting solutions.
As retail prices fall and things like revenue and penetration continue to increase, it is becoming much easier for homes and businesses in the UK to adopt the new technology, cutting their bills, protecting their environment and ensuring they won't be up on a stepladder affixing a new bulb for at least another decade.
Steven Ellwood, of BLT Direct, one of the UK's leading suppliers of LED lighting solutions to all types of domestic and commercial clients, says, "The adoption of LEDs across the country has become a case of when, rather than if. It is looking like more of a certainty that these bulbs will be the most common lighting solution in the coming years, as businesses and homes look to minimise their outgoings whilst engaging with sustainable, eco-friendly practices."
As the bulbs become more popular, their prices will continue to fall. They are already considered the most energy-efficient and budget-friendly method of lighting a home or business, especially considering their extensive lifespan and the amount they cost to run, so the drop in price will make them even more appealing to individuals that haven\t yet chosen to make the switch.
A standard GU10 LED light bulb, which is considered to be a direct replacement for a traditional 35-watt bulb, comes in at just £6.99 from BLT Direct, but over the coming years as the technology becomes more accessible, prices are sure to drop further. With standard electricity prices measured at 12p per kWh, it is estimated that just one of these bulbs could save the owner £109.80 in total over the course of the predicted lifespan, which can often reach into the decades. This makes the bulbs a worthwhile investment, even if prices continue to fall.
Created by Rebecca Appleton on 17th December, 2013
Qualified online journalist, specialising in the home improvements and energy saving sectors