The LED industry promises huge growth
The lighting market environment is influenced by a number of factors. One of the most important factors is the awareness and regulations around energy efficiency throughout the world. This trend has also given a major push behind the growth of the LED industry.
The penetration of the LED technology into the lighting world has indeed been rapid and overwhelming. Thanks to the increasing awareness and acknowledgement about the need for energy efficient sources. The growth of the LED industry should grow globally. In 2020 LED will be the most assuring technology with respect to commercial viability.
Here are a few factors why the growth of LED lights will propel into great heights.
Incredible erosion of LED prices
Recent years have witnessed a strong reduction in the LED prices. Both in the general lighting (LED tube lights and LED ceiling panels) as well as the back lighting sectors. The erosion in LED Lighting prices has been more than expected and it is one of the main reasons behind the quicker acceptance of the technology. Industry players have been able to grow their business in order to satiate the demand from the local market successfully.
The accelerated price erosion has removed the barrier of overwhelming initial investments for consumers. It will also shorten the payback time for them. As a result, the demand should increase drastically. Local distributors will be more likely offer LED solutions at outstanding price rates.
LED and its expanded application
LED lights are available for a number of applications and sectors (industrial, commercial and residential) with color controllability and flexibility. The increased number of options in the case of LED lighting has also been catalyzing the penetration rate of the technology.
Clearly, the LED technology is here to stay and LED lighting will eat up a considerable amount of market share of the general lighting system! While the acceptance of LED lights and LED ceiling panels is expected to grow drastically, people investing in the business are bound to grow along too.