LEDs Boost Economy In Many Ways

 In News

Watch industry news these days and one topic comes up time and again: LED lighting. And for once the talk is all positive. In fact, practically every sector that has something to say about it seems to be saying that it could be a saving grace in our struggling economy.

Obviously the lighting industry is stoked about the new-found popularity of LED lighting. According to the LED Lighting Market Report that was recently released, the global LED lighting market is expected to grow 45 percent each year through 2019. Considering the market was worth $4.8 billion in 2012, that would make it worth $42 billion annually by 2019. Even more, these figures are based solely on the current sales value of 60-watt incandescent bulbs. The numbers don’t even take other size and wattage bulbs into account in their figures. Recent developments in LED technology that have created viable LED options for higher-output options like PAR38 replacement bulbs are certain to boost these numbers even higher. This explosive growth is expanding LED lighting manufacture operations as fast as they can build and staff them, both in North America and across the globe in the facilities that supply raw components to companies here at home.

Sales of LED are projected to grow by 45 percent a year until 2019. The home decorating market is just one of many sectors driving sales of LEDs.

Sales of LED are projected to grow by 45 percent a year until 2019. The home decorating market is just one of many sectors driving sales of LEDs.

Speaking of building, that is another industry, or group of industries, that is seeing impressive growth thanks to LED lighting. The construction industry employs millions of people and pumps billions of dollars into the national economy each year. Companies that make the fixtures, stores that sell them, contractors that install them, builders who built the structures they are put in, realtors who sell the buildings, and local businesses that gain new customers in the new residents—these are just some of the citizens who benefit directly from upward movement in the construction industry. All of these people’s lives are getting just a little bit better because of the massive growth in the LED lighting industry.

Still within the construction industry, there is another whole group of people who gain from the upturn in LED lighting use. These are the remodeling and repair contractors. For every one of us who is willing to do it ourselves, there are many more who would just rather hire someone to do it. Each time one of these people decides to upgrade to LED lighting and wants to change a light fixture, they call someone to do it. That translates into work for electricians, low-voltage specialists, and sometimes carpenters or remodeling firms.

The benefits to the economy don’t begin to stop there. The well-known website, Motley Fool, recently featured an article suggesting that stock market investors add LED stocks to their portfolio if they want to make money. Their recommendations were based on the predicted exponential growth in the industry and primarily considered the expected upturn in manufacturing operations. Another factor was the relatively low price of industry stocks. This is due in part to the fact that so many of the biggest players in the LED lighting manufacturing industry are either new to the lighting manufacturing business or went fairly unknown until they gained the opportunity to stand out with innovative LED product lines.

The path to a healthy economy might just be the yellow brick road, and if so, the Emerald City is lit with LED lighting.

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