- The Global LED General Lighting Market 2014-2018 is expected to post a CAGR of 27.55 percent during the forecast period of 2013-2018.
London, 30 September 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global LED General Lighting Market 2014-2018. One major upcoming trend in the market is the declining average selling price of LED light bulbs, which has increased their adoption in various lighting applications. Currently, many LED vendors are actively participating in price wars and are offering 40 W and 60 W equivalent LED light bulbs at significantly lower prices, thus facilitating consumers with reasonable costs.
LEDs have longer life expectancy than that of incandescent, fluorescent, or HID lamp sources. They are used in lighting control systems that have automated/mechanical capabilities. They make use of software to automate the operation of lights. LEDs in lighting control systems switch on automatically in response to bright daylight and switch off in the absence of anyone.
“In addition to providing power-efficient lighting, LED bulbs are considerably more durable than incandescent bulbs, by up to thousands of hours,” says Faisal Ghaus, Vice President of TechNavio Research.
“LEDs are technically efficient in terms of lighting and power consumption. LEDs limit power consumption more effectively than conventional incandescent bulbs.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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