From cheap incandescent lamps to affordable LED lighting solutions, the changes in light bulbs have had a profound impact on the lighting industry. This trend of change will continue. Sustainable solutions and low energy consumption make LED lights the first choice for lighting and make the business profitable. As the energy consumption of LED lamps has decreased, the demand for LED lamps for residential and commercial lighting has risen sharply. This is what future lighting dealers and manufacturers would like to see.
Political power plays a role
The Paris Agreement, signed by more than 190 countries, promises to further reduce emissions by 20% by 2020 to cope with global warming. The Australian government has set an example and provides financial subsidies nationwide, such as the Victorian Energy Efficiency Target (VEET) program and the NSW Energy Conservation Program (ESS). The Indian government has also taken action to plan to purchase 200 million LED bulbs by the end of 2016 and to issue a tender notice for the streetlight renovation project to enterprises.
In addition, the World Bank-sponsored Africa project has enabled more than 250 million people in sub-Saharan Africa to adopt sustainable lighting solutions, of which LED lights will play a huge role in the project.
Impact on the lighting market
British lighting company Starlite said: Since the invention of light bulbs by Thomas Edison in 1880, LED lighting is the greatest development in the lighting industry. In today's $110 billion lighting market, LED lights are estimated to account for $30.5 billion. Analysts predict that the LED market is eroding the market share of the lighting industry.
The market is growing and several companies are struggling to enter the market. For example, the Philips Lighting Division announced an initial public offering that will raise more than $700 million for the company to expand its share of the global lighting market and drive LED lighting systems and services.
In addition, Australian LED experts are also expanding their market share in the local market with environmentally friendly and cost-reducing sales models. They attribute success to showing value models to potential customers. Their products, LED tubes and commercial LED downlights, have penetrated into the Australian LED market.
Public concern for sustainable development
Many companies and people are seriously considering sustainable development. Major brands are realigning their brand values ​​to bring sustainability to their business model. Consumers' sense of sustainability is clearer, and many companies are building sustainable products to meet consumers' motivations. At the forefront of development, LED lights have created a billion-dollar industry and will continue to drive social and market development.
The future of LED is bright. Companies should position their brands and business models to cater to lighting trends and provide sustainable lighting products to fill new gaps in the lighting market.
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