LED prices have declined to a point where this type of lighting is becoming the economical choice in almost every application. While early adopters sought some of the unique features of LED lighting, such as improved efficiency, improved operation in cold environments, and enhanced controllability, the current wave of adoption is much more focused on the value of ongoing energy savings compared to a modest increase in upfront cost. As the payback periods fall below 2?4 years in more and more applications, those with decision-making power over what type of lighting to use are forced to consider this comparatively new technology. As such, the adoption of LED lighting is ramping up across all major end uses: commercial buildings, residential buildings, industrial buildings, and outdoor applications. Vehicle headlights are seeing a sharp increase in the use of LEDs, as well. While this growth presents opportunities for companies involved in the lighting industry, significant challenges are also arising. The fall in LED prices is leading to the commoditization of many LED components, fueling price wars. Meanwhile, patent disputes are increasing as the owners of intellectual property protect their turf. According to Navigant Research, global unit shipments of LED lamps and modules are expected to grow at a compound annual growth rate (CAGR) of 19.0% between 2015 and 2024. This Navigant Research report analyzes the global market for LED lamps and modules across all major space lighting uses. The study provides an analysis of the market issues, including drivers and trends, barriers, cost issues, and technological developments, associated with LED lighting. Global market forecasts for unit sales and revenue of LED lamps and modules, segmented by region, equipment type, and end use, extend through 2024. The report also examines key codes and standards and regional influences related to LED lighting, as well as the competitive landscape.