Global LED Market to Benefit from Improved Controllability and Energy Efficiency of LED Lamps

A new report from Transparency Market Research, titled 'LED Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024,' states that the global LED market is expected to expand at a rapid pace during the period between 2016 and 2024 owing to the many benefits offered by LEDs and their rising applications. Defined by improved controllability and energy efficiency, the arrival of light-emitting diodes (LED) is considered to be revolutionary.

By 2014, LED lighting constituted a major share of the global lighting market and the trend is expected to continue during the period between 2016 and 2024. LED is a two-lead semiconductor light source, which emits light when activated. The recent advancements in LEDs allow them to be extensively used in environmental lighting. Over the past few years, LEDs have been registering growing demand owing to the many advantages they offer. Low energy consumption, longer life, improved physical robustness, smaller size, and faster switching are some of the advantages offered by LEDs.

Applications of LEDs are as varied as headlamps, aviation lighting, forensic, general lighting, healthcare, signals and signage, advertising, camera flash, electronic devices, and mobile devices. Over the past few years, LEDs have emerged as a very powerful lighting source; however, they require more precise electricity and heat and remain more expensive as compared to compact fluorescent lamps.