An
LED lamp is a
light-emitting diode (LED) product that is assembled into a
lamp (or
light bulb) for use in lighting fixtures. LED lamps have a lifespan and
electrical efficiency that is several times better than
incandescent lamps, and significantly better than most
fluorescent lamps, with some chips able to emit more than 100 lumens per watt. The LED lamp market is projected to grow by more than twelve-fold over the next decade, from $2 billion in the beginning of 2014 to $25 billion in 2023, a
compound annual growth rate (CAGR) of 25%.