Prospects bright for LED lighting

There's a new report out from Groom Energy and Greentech Media predicting that the enterprise LED technology market will basically triple over the next three years in terms of annual revenue. Right now, this sector generates about $330 million in sales each year, but it should surpass $1 billion in annual revenue by 2014, the data projects.

There are three big reasons:

1. Performance enhancements to LED chip technology that are helping drive down costs
2. Energy efficiency incentives from utilities that are helping fund retrofits
3. Interest on the part of facilities managers in saving operations costs