At present, lighting accounts for about 20% of the power consumption in the world. Reducing this figure is a crucial means of energy savings from both a financial and environmental standpoint. LEDs are already beginning to alleviate this energy burden.
LEDs' unique advantages are attracting a lot of attention around the globe. In the USA, it is predicted that LEDs will replace 55% of incandescent lights and 55% fluorescent lights within the next 15 years. This will save $35 billion annually in electricity costs and prevent the emission of 7.5 hundred million pounds of carbon dioxide. In Taiwan, LEDs will substitute 25% of incandescent bulbs and 100% of fluorescent lamps in the next 10 years. In Japan, LEDs will replace 100% of fluorescent lamps within 10 years, which will generate a net reduction in electricity consumption equivalent to 1-2 nuclear power plants. This will also reduce annual crude oil consumption by over 1 billion liters.
LEDs have existed for several decades but their use in general lighting applications is still relatively new. The current rapid pace of technological development in this sector coupled with increasingly-strained natural resources will only further encourage the evolution of LEDs. The future of LED lighting is very promising: LEDs are considered the best market in this coming decade on a global scale.