Many research carried out suggest that the global LED lighting market value stands at $30.5 billion by 2014. This value is projected to increase to $51.6 billion by the year 2018. The biggest impediment to the widespread adoption of LED lighting during its infancy stage was the high price which later changed in the year 2012 when competition increased by the entry of giant LED market players such as ShineLong.
With this fast growth, LED manufacturers have been able to come up with creative innovations that brought about turn around in LED lighting technology. An example of such innovations is the transformation of LED from manual switching of ON and Off or minimizing the brightness.
LED manufacturers like ShineLong has revolutionized the LED industry by coming up with intelligent and efficient LED lighting systems. The ‘intelligent’ LED systems are not only able to automatically adjust the light brightness but can adjust colors too.
Innovative engineers at ShineLong has been able to design LEDs light products that can be tailored to emit specific colors and produce better light quality. State of the art employed by the industries has completely changed the story of lighting. LEDs do not burn out abruptly unlike fluorescent tubes but instead become dimmer as they wear out.
With such the rapid expansion of new LED application, many actors are being inspired to embrace and apply the application strategies and business models brought about by LED technology.
Not all sectors, however, have same needs for LED lighting or are administered in a similar manner. The revenue potential for these companies by embracing LED lighting technology is apparent.
These innovations clearly indicate the direction to which LED technology is taking and what to expect in future. Such innovations have successfully been implemented in various applications such as vending machines, parking garage, street lights, refrigerators, mirror and much more.
In the health sector, LED technology has been penetrating due to its ability to deliver a clean, bright light and correct color to needed to assist diagnosis and treatment. LEDs are also used in healthcare institutions to create a tranquil environment. The use of LED lighting has significantly helped the healthcare sector to significantly cut down energy cost.
Considering these targets, it can, therefore, be concluded that the market outlook for LED lighting is very promising
In conclusion, it is quite evident that for the whole system will in future entirely depends on LED lighting technology. The future of LED lighting is thus, just as bright, since, with time, every sector from the automobile industry, to agriculture, and health sector among many other sectors seem to be embracing LED technology. It has been a great channel of innovation for ShineLong. The future is clearly brighter with LED technology.