The LED lighting industry is set to dominate the global lighting market, more than 60 years after they were initially discovered.
It is set to be the main beneficiary from a widespread ban on traditional incandescent bulbs in a number of countries, as well as a push towards cutting carbon footprints, energy and climate change expert Gerard Wynn wrote in Reuters
LEDs have a vital edge in that they have a far superior energy efficiency and longer lifespan compared with its rivals such as compact fluorescent lights.
With this push towards more energy-efficient bulbs an increasing number of companies are springing up offering LED bulbs, which is making the market much more competitive.
LEDs will surge in the US lighting market, with a US Department of Energy report last year stating that it will have a 36 per cent share in 2020, which will increase markedly to 74 per cent ten years later.
This implies that annual energy savings by 2030 will be at $30 billion (£18.5 billion).
The study - entitled Energy Savings Potential of Solid-State Lighting in General Illumination Applications - forecasted rapid gains in the market after 2014 as prices begin to fall.
Research firm McKinsey predicted that a 45 per cent LED market share would be present by as early as 2016, up from just nine per cent in 2011.
An increasing number of organisations and authorities all over the world are beginning to see the real benefits of installing LED lights.
Indeed, transport chiefs in South Yorkshire have completed a new energy-saving scheme to replace the bus shelter light systems with more efficient LED ceiling spotlights in Rotherham recently.
It is hoped that the move, which has seen lights replaced in over 2,000 shelters across the county, will save up to £150,000 a year for the company that runs the county's bus shelters - South Yorkshire Passenger Transport Executive.
