LEDs are integral components of semiconductor devices and emit light by means of electro-luminescence. LED lighting products are bundled arrangements of LEDs that provide durable, affordable, and eco-friendly lighting systems. These products do not emit carbon dioxide, making them eco-friendly. Compared with incandescent bulbs, they consume 80% less energy, making them increasingly energy-efficient and affordable for consumers.
Technavio's analysts forecast the global light-emitting diode (LED) market to grow at a CAGR of 18.46% during the period 2017-2021.