The light source products in the lighting industry have experienced four development stages from traditional lighting products such as incandescent lamps, fluorescent lamps, halogen lamps and energy-saving lamps to LED lighting products. Compared with traditional light sources such as incandescent lamps and energy-saving lamps, LED lighting products have a long service life, no flicker, high energy conversion rate, and extremely fast response speed. The customer experience is much higher than traditional lighting products.

  Since LED was invented in the 1960s, it has not occupied a mainstream position in the lighting market because of its low luminous efficiency, high manufacturing cost and limited application in the early stage. Since the beginning of the 21st century, LED technology has developed rapidly, the overall cost has gradually decreased, and the price of LED bulbs has continued to decline.

  According to LED inside data, the average price of LED bulbs replacing 40W incandescent lamps in the global and Chinese markets dropped from US$15.1 and US$9.5 in February 2014 to US$5.9 and US$3.2 in September 2019, a decrease of 61% and 66%, respectively. The decline in lighting prices has accelerated the replacement of traditional lighting. At the same time, the promotion of national policies has accelerated the replacement of traditional lighting sources by LED lighting. At present, the world's major economies have phased out incandescent lamps

  Due to the maturity of LED lighting technology, the gradual decline in cost and the vigorous promotion of various countries, LED lighting will accelerate the replacement of traditional lighting. my country is the largest producer of LED lighting products. After more than ten years of rapid development, the market penetration rate of LED lighting products in my country has exceeded 70%, and the global market penetration rate has reached about 60%. It is estimated that by 2025, the penetration rate of LED lighting in the global lighting market will reach 75.8%.

  As the growth rate of the market size of the LED lighting industry gradually slows down, the LED lighting industry will enter the era of intensive cultivation. More LED lighting companies have set their sights on lighting segments such as healthy lighting, smart lighting, plant lighting and UVLED.

  The development of the LED industry has a certain period. Generally, within a certain period of time, there will be a major breakthrough in industry technology, which will lead to a decline in prices, expansion of application fields, and a significant increase in penetration rate. In addition, the periodicity of the LED application industry is basically consistent with the national economic cycle. When the economy is in a high-speed development cycle, the demand for LED products will increase, which will also promote the development and technological progress of the LED upstream industry.