The commercial construction industry represents one of the most significant parts of the US economy. It encompasses all the phases of the development of public and infrastructure projects, and each project can employ dozens, hundreds, or even thousands of contractors depending on scope. Commercial construction is involved in building large spaces in the private or public/government sector. The project may be for sale, lease, or just built for the client’s use.
Commercial construction projects can vary significantly in size, ranging from an office building to a sports stadium. Those who work on commercial construction projects are known as General Contractors. Some examples of commercial construction projects may include:
- Institutional buildings such as universities and courthouses
- Factories and warehouses
- Hospitality and tourism buildings such as hotels and restaurants
- Sports arenas and facilities
- Shopping malls and retail stores
- Corporate high-rises and office buildings
- Medical facilities
How Does LED Lighting Come into Play?
What is LED lighting? An LED lamp (or light bulb) is an electric light that produces light using light-emitting diodes. LED lamps are measurably more energy-efficient than equivalent incandescent lamps and can be significantly more efficient than most fluorescent lamps.
LED technology has revolutionized the lighting industry in recent years. Simultaneously, the focus on energy efficiency in commercial and residential spaces has increased in popularity. A study by market research firm Guidehouse Insights investigates how the two trends have come together, especially as it relates to commercial construction.
“Energy Efficient Lighting for Commercial Markets” was published in recent months, and the report examines and assesses the size and scope of the worldwide commercial market for energy-efficient lighting over a decade. Data was collected primarily from phone and in-person interviews with industry leaders – including C-level executives, engineers, and marketing experts. The report reveals several meaningful findings.
In one case, it points out that significant improvements in performance – along with drastic price declines – have contributed to an industry-wide acceptance of LED products as acceptable commercial lighting.
The study also notes that government actions, in the form of lighting efficiency regulations and financial incentives, have also boosted LED adoption in the market. Sustainability goals, efficiency codes, and high-tech LED system capabilities are also adding to the trend.
Based on these factors and other market trends, the Guidehouse study estimates significant growth in global LED revenue over the next decade. This is represented along with a simultaneous loss of revenue for all other lighting technologies, such as incandescent, halogen, T8 and T5, T12, CFL, and fluorescent.
Fast Fact: The LED market will increase $20 billion to a total of $60 billion in the next decade.
Promise Electric is a team of master electricians based in Sarasota, Florida. We are trusted within the community for our work on large commercial projects as well as residential jobs. If your business is seeking the right electrical contractors for your commercial construction project, call us today to learn more about our experience and past projects.
