Defined by energy efficiency and improved controllability, the advent of light-emitting diodes (LED) is considered revolutionary. By late 2014, LED lighting constituted a substantial share of the global lighting market. The trend is anticipated to continue through the report’s forecast period from 2016 to 2024.
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A light emitting diode is defined as a two-lead semiconductor light source. Being a p-n junction diode, it emits light when activated. The recent developments introduced in LEDs allow them to be used in environmental lighting. LEDs have been witnessing surging demand worldwide due to the advantages they offer over incandescent light sources. These include lower energy consumption, improved physical robustness, longer lifetime, faster switching, and smaller size.
LEDs boast disparate characteristics. Thus, their applications are as diverse as aviation lighting, headlamps, automotive, general lighting, forensic, health care, advertising, signals and signage, lighted wallpapers, camera flashes, mobile devices, and electronic devices. LEDs have emerged as a powerful source for lighting; however, they remain somewhat more expensive and require more precise heat and electricity management than compact fluorescent lamps of similar output.
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Global LED Market: Key Opportunities and Threats
The growing awareness among consumers about the benefits of the longer lifespan of LEDs has been leading to their widespread adoption. The market is also expected to gain impetus from the declining prices of LED lamps, their growing application in display back lighting, and the high efficacy offered by LED lamps.
In the initial days, the application of LED lighting was limited to certain specific purposes and had not entered the mainstream. The emergence of LED in general lighting applications also helped the market to gain momentum. Given its rapid proliferation, the market for LED lighting is soon expected to surpass the conventional market for CFL.
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Global LED Market: Vendor Landscape
Enterprises operating in the global LED market are strategically diverse, as they operate at various levels of the market’s value chain. Some of these enterprises focus only on manufacturing LED chips and components, while others are involved in the production of lamps and luminaries.
Key companies operating in the global LED market include Panasonic, LG, Samsung, and Philips.
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