Development of Smart Cities and Homes & the Ensuing Focus on Optimizing Energy Use Drives Demand for Smart Intelligent LED Lighting
Growing popularity of LED-based smart lighting, rapid adoption of LED lighting technologies in emerging countries, expansion of LED lighting to niche applications beyond regular lighting, and the urgent need to achieve energy and cost savings amidst spiraling electricity consumption are poised to drive the global market for LED Lighting in General Lighting Applications to exceed US$100 billion by 2024 . LED lighting is one of the most practical trends because the energy costs incurred with LED lighting are lesser and more affordable over the long term compared to other alternatives. Though the upfront costs are higher for LED lighting, the overall costs calculated over the entire period of use are significantly lower than other lighting systems. Moreover, the efficiency of LED lighting is 6-7 times more than conventional lighting, with the ability to last longer by up to 25 times. High energy-efficiency, optimal durability, and comparatively lower total cost-of-ownership as compa...