Financial incentives, such as the rebates offered by Duke Energy to its customers in North Carolina who convert from fluorescent systems to LED lights, are helping to drive the impressive growth of LED applications.

A recent market research analysis concluded that the explosive growth of LED applications will continue. NPD Display Search, a global research and consulting firm, conducted the analysis, which estimated that in 2013, LED use will grow from 16 million units to 33 million.

According to the report, the predicted increase is due in large part to continued growth in commercial applications, government incentive programs, and consumer demand for energy-saving technology. The analysis forecasted that LED applications will reach over 90 million by 2016 and will account for 26 percent of all light sources used in both commercial and residential lighting applications.

Helping to motivate this growth are the monetary incentives that many local government agencies and power suppliers are offering residents who convert to eco-friendly lighting options. In addition, there are federal tax credits available to businesses, manufacturers, and homeowners that qualify by installing LED lights.

Another motivation, according to industry experts, is the growing demand by consumers for green-energy light sources.

Formed in 1996, DisplaySearch provides information, analysis, and industry events specifically dealing with the display supply chain and display-related industries. In 2005, DisplaySearch became an independently operated subsidiary of The NPD Group, a consumer and retail market research company.