According to a recent study done by MarketResearchReports.Biz titled “Global LED Market 2016-2020,” the market is expected to grow at a compound annual growth rate (CAGR) of 15 per cent from 2016 to 2020.
The report states that LED lights are being increasingly preferred over conventional incandescent lights and compact fluorescent lights due to their energy efficiency. Due to their energy-efficient features, LEDs are known as green lighting systems. LEDs consume about 75 per cent less energy than other bulbs and have longer lifespan. An average LED light can work up to 60,000 hours compared to 1,500 hours of incandescent bulbs and 8,000 hours of CFL bulbs.
According to the report, in APAC, the demand for LED lighting is anticipated to increase with countries such as Japan and India contributing significantly towards the growth of the market. The report compiles information about Japan’s 21st century Lighting Plan and India’s Smart Cities Mission. These government plans are expected to play an important role in the growth of the market in APAC.
Indian government has been advocating the use of LEDs and has been distributing LED bulbs at concessional rates to the consumers so that they can understand the value of energy preservation. The government is also trying to incorporate as much renewable energy it can in order to reduce carbon emissions.
By Atanu Kumar Das