North Carolina's highways will become a little brighter for nighttime motorists through a deal in which anticipated energy savings by using LED lighting helps pay for the project.
Members of the Council of State — comprised of the governor, lieutenant governor and other statewide elected officials — signed off Tuesday on the performance contract for the Department of Transportation.
The $32.3 million agreement with Trane US requires borrowed money to construct and install the lighting statewide over 16 months. Monetary savings through more energy efficient fixtures repay the debt over 15 years.
Other similar performance contracts entered by North Carolina state agencies have resulted in savings that met or exceeded the projects' costs. The lighting upgrade is expected to employ 120 people.
LED Lighting Industry: Middle East to Become one of the Fastest Growing Markets
The Gulf Cooperation Council (GCC) is committed to reducing its carbon footprint and electricity demand through 2025, with clearly established targets in place. One of the easiest demand-side measures that can achieve this goal is to overhaul the lighting within buildings and at a city level, presenting robust market potential for light-emitting diodes (LED) in the region. Various measures are being implemented, like adopting global energy-efficiency standards, imposing additional import tariffs on (and even outright banning) general illumination lamps, and promoting LED lights. Facilitating this evolution is a steady fall in LED product prices and improving performance.
Analysis of the LED Lighting Market in the GCC, Forecast to 2020, recent research from Frost & Sullivan's Energy & Environment
Growth Partnership Service program, examines evolving trends in the LED lighting systems, lamps and luminaires market. The study explores growth factors and details strategic measures that market participants must take to combat challenges. It also reveals that the GCC LED lighting market will witness a compound annual growth rate (CAGR) of 16.8 per cent between 2015 and 2020 to reach revenues of $1978.1 million.