LED lighting looks set to grow as research suggests it is becoming increasingly difficult to buy incandescent light bulbs.
Research by LED inside suggests that manufacturers will benefit from the growth of LED light bulbs as incandescent bulbs become harder to buy or are prohibited by national governments, TechEYE is reporting.
According to the research, an LED light bulb would have cost up to $20 (£13.40) last year with the LED component accounting for the 60 per cent of the value.
However, with manufacturers stepping up competition and production together with increased demand from European and Japanese markets, the price has now dropped to around $10 with only 40 per cent of the cost for the vital part.
Furthermore, the market will be helped by countries that have already phased out the more outdated bulbs and will do so in the next few years.
LED Inside believes most countries will look to set a deadline of 2012 for prohibition of incandescent lights, although the US is not expected to follow suit until the end of 2014.