Engineering economic analysis between high power LED and hydrargyrum medium-arc iodide luminaries in studio lighting application

High Power Light Emitting Diode (HP-LED) luminaire is a rapidly evolving technology used for studio lighting application and replacement for the traditional Hydrargyrum Medium-Arc Iodide (HMI) luminaires which have significantly grown because of reducing energy consumption and also their efforts to reduce overall cost. In this research, an engineering economic analysis was made. Results indicated that the payback period (PBP) for the replacement of HP-LED luminaires was around seven years and seven months, which was shorter than the project life of fifteen years. The net present value (NPV) from the investment was about 60,491 baht with an internal rate of return (IRR) of 9.70 % and the benefit cost ratio (B/C ratio) was 1.82. In conclusion, the study found that the HP-LED luminaire replacement for HMI luminaire was identified as economically feasible.