The LED market has continued to grow every year, and according to a Growth, Trends, and Forecast (2019-2024) report from Research and Markets, “The LED lighting market is expected to register a CAGR of over 14%” between the years of 2019 and 2024. CAGR basically stands for the return on investment someone can expect for a given product or investment. At PCS Energy, we see this steady growth as a direct connection to the rise in the popularity of LED lighting solutions. More and more people have seen the power of LEDs, and the word is spreading.
The advantages of LEDs are undeniable. On average, their standard energy consumption is 75% less than incandescent bulbs. They last up to 25 times longer than incandescent bulbs as well. This longevity is partly thanks to their lower running temperature. As light sources go, LEDs have one of the lowest running temperatures. This lack of heat means that your LED bulbs or strips will last longer and deliver high-quality light throughout their lifecycle. The energy savings companies see with LEDs will be positively paying off on their investment for many years to come.