Latest industry research report on Light emitting diodes (LED) are the basic components used in variety of applications. The application of LED, in the initial days was limited to certain specific lighting needs and had not entered the mainstream general lighting applications. Entrance of LED in applications such as general lightings has given a strong thrust to the lightings market. LED is expected to supersede the conventional CFL and CCFL lighting market due to its advanced features. CCFL and CFL are the key products to be replaced by LED.. LED is a cost effective solution for conventional lighting applications such as CFL. The ability of OLED to be used in displays without the need for backlights makes it a possible replacement to LED backlit displays. The initial cost of LED lighting is very high and this is restricting its initial acceptance. However, considering the longer lifespan offered by LEDs, the overall cost of the same is found to be very low when compared to CFLs.
Over the years, consumers will gain awareness regarding the benefits of longer lifespan of LED lamps and eventually would lead to a widespread adoption of LED lamps. Growing display and large screen backlighting applications, falling cost of LED lamps, longer life span and high efficacy of LED lamps are key factors propelling the market. A variety of technologies are implemented in manufacturing of LED products. Chips and components are the basic materials assembled to manufacture the final lamp product. Companies dealing in this market are strategically diverse as they deal at various levels of the LED value chain. Some just manufacture LED chips and components, some are involved in manufacturing of lamps and luminaries and others might be involved in all of these processes and deliver final product to the consumers. Falling price of LEDs is one factor that may limit the growth of the market; however, growing demand in newer application areas would eventually propel the market growth.