With the solid-state lighting technology is adopted more , LED prices will continue to decline. Price trends in GU1060W equivalent LED lamp shown below , the price dropped about $ 35 from 2010 to around $ 15 in 2017 , the average annual price decline of about 12%. Decline in prices will make it easier to accept the end user LED lights, drive further growth in the global LED lighting market .
The first is the LED ‘s energy efficiency. Compared to other technology , LED can reduce energy consumption for end users, the LED light is applied under normal lighting conditions , and therefore more cost-effective . In North America, more than 30% of building energy consumption from lighting, to accelerate the implementation of North America to use LED lights to reduce energy consumption .
Followed by a supportive policy and regulatory areas. From a global perspective , backward lighting technology is being phased out , countries have to ban incandescent news release , which is inseparable from the support and encouragement of local government , which will lead to the end user uses LED lights to increase the proportion of advanced lighting technology .
Finally, the decline in the price of LED products , but also the driving force for further growth in the market . As previously mentioned , LED products every year price decline in the proportion of about 10 %. Decline in prices , will increase market acceptance of LED products to further enhance the penetration of LED lights .