In the past, there was little incentive for building owners to swap fluorescent tubes with T-type LEDs, as the high initial cost of the LED light products and relatively small efficiency gains over fluorescent tubes meant a low return on investment. However, new and more energy-efficient products are now entering the market, creating a large potential market for LED-integrated luminaires.
Technology advances have also led to products that provide a better CRI and a more pleasant color temperature, which is important to retailers and other end-users who require high-quality light. Lighting manufacturers have also begun embracing the IoT, producing smart light bulbs that can be controlled from a smartphone. Introducing lighting products like these is one way that manufacturers are differentiating themselves in this increasingly crowded market.
The India LED market has been growing over 50% for the last 5 years and expected to sustain this growth rate in the next 5 year. Although late, the Indian government has announced lots of incentives and measures to prioritize LED manufacturing in the country. However, there are lots of LED Lamp assembling companies in India, who design and make LED lamps but they import basic LED chip elements. And industry analysts forecast the LED market in South Korea will grow at a CAGR of 21.53% over the period 2013-2018.