LED price cut and efficiency levels exceeding much more than expectations
Quality suppliers are rapidly reducing prices of LED lamps and improving their energy efficiency, far beyond the industry?s expectations.
According to CLASP, the Danish Energy Agency, and Energy Piano, LED lamps have already become much more affordable and energy efficient than expected.
The study said that LED lamps that are found in the market today are already priced the way it was expected to be in 2020, 2022, 2024 and 2025. This exciting 5-11 year acceleration in affordability of LED lamps from major European manufacturers means that consumers will experience very attractive payback periods of less than 1 year, if the lamps are installed in a household socket used 3 hours per day.
Manufacturers are now addressing issues that LED lamps are too heavy, too big or emit poor quality light. The CLASP market research report highlights that there are LED lamps in the market that meet the shape, size and light quality of incandescent and halogen lamps that will be phased out by September 2016 in Europe.
This on-going reduction in LED lamp prices will enable mass market penetration. Realising the demand that will increase in the coming years for LED lighting, major LED lighting companies like IKEA and Erco have decided to switch to 100% LED business by 2016.
According to CLASP CEO Christine Egan, “Internationally, LED markets are evolving at warp speed, in terms of price and product quality. In Europe, some quality brand LED lamps in the market today are at price points that were only expected to be in shops in 2025, with features and characteristics that consumers care about.”
The study says that the LED market has started to become a mass market in Europe, and this will continue to develop between now and 2018, when traditional lamps will be phased out.