Advances in technology are changing the way the world lights itself. Light-emitting diodes (LEDs) are becoming more common in the lighting industry.

Sustainability analyst Jed Dorsheimer with investment banking firm Canaccord Genuity published predictions for LEDs and the industry in a report, “The Third Cycle: Quantifying the Lighting Market & Implications for the LED Supply Chain.” According to Dorsheimer, consumers and businesses will adopt LED technology in homes, factories, offices and just about anywhere light is needed.

Dorsheimer said LED lighting will reach a cumulative penetration of between 32 percent and 60 percent of the global lighting market by 2020, and they will save a cumulative 5 trillion kilowatt-hours of electricity in the next decade. Dorsheimer also predicts that the energy saved by the adoption of LED lighting will be enough to remove the need for 559 full sized power plants from the grid.

Dorsheimer predicts a 46 percent penetration rate for LED lighting, approximately the midpoint of his estimated range, will create 1.3 million jobs and a cumulative energy savings of $489 billion over the next decade. Cumulative revenues for businesses associated with LED lighting will be between $106.9 and $314 billion.

Visit www.CanaccordGenuity.com for more information.