Compared with traditional incandescent lamps and energy-saving lamps, LED lighting products to have the advantages of high efficiency, energy saving, easy recycling, non-toxicity, and long service life. With the intensification of the global energy crisis, the increasing awareness of environmental protection among residents and the technological advancement and cost reduction of LED lighting products, LED lighting is gradually becoming one of the hot industries in the global economic development. Compared with traditional lighting products, LED lighting products have outstanding technical performance advantages in terms of energy consumption, environmental protection, service life, luminous stability and response time.
In recent years, with the improvement of LED luminous efficiency, the gradual reduction of comprehensive costs, and the government's vigorous promotion of energy-saving policies, LED lighting has ushered in a period of rapid development, and market demand is particularly strong. The data shows that the scale of China's LED lighting market has risen rapidly in 2015-2017. The market scale has increased from 156.6 billion RMB to 255.1 billion RMB, an increase of 98.5 billion RMB in three years, and the compound annual growth rate is 27.6%.
With the continuous improvement of LED lighting technology, the comprehensive cost is declining. At the same time, the products rely on their environmental advantages such as high efficiency, energy saving, easy recycling, non-toxicity, and long service life. China's LED lighting market penetration rate continues to climb. The data shows that the global LED product penetration rate increased from 3% to 31% in 2010-2016; in China, the market penetration rate of LED lighting products increased from 1% to 42% in 2010-2016. It can be seen that although China's LED lighting started slightly later than the global average, it has grown faster than the global average in recent years.