The lighting industry has been evolving at a rapid pace over the last several years, largely due to significant improvements in LED technology, which has positioned it as the go-to technology for traditional lighting fixtures. The growth of global LED usage has been phenomenal, projected to reach 87 percent of all light sources used in 2030, up from less than half in 2019.By virtue of their durability, energy efficiency, versatility and environmentally friendly nature, LEDs are understandably in high demand and have become one of the most ubiquitous electronic components on the market today. With significant advances in LED technology on packages, features, improved efficiencies and manufacturing costs, they have easily surpassed traditional incandescent bulbs and compact fluorescent bulbs (CFLs) in popularity. As a result, LEDs are expected to change the dynamics of lighting in every sector, including industrial, retail, residential, healthcare and automotive. Certain technology trends are emerging that will create a host of new opportunities in the general LED lighting market.
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