Efficiency of LEDs jumps up by 50% since 2012. The efficiency of LED bulbs has increased by about 50%, according to an US Energy Information Administration (EIA) report. EIA said that LED prices have reduced significantly; hence they make economic sense for consumers to shift to LED lighting.
In the last two years, efficiency of LEDs have increased from 60 lumens per watt in 2012, to 100 lumens per watt in 2014. By 2020, LEDs may have efficiency of 150 lumens per watt. Compact fluorescent lights (CFLs), on the other hand, has 55-70 lumens per watt, and incandescent bulbs have 13-18 lumens per watt.
Several LED manufacturers have also developed LEDs with Energy Star. Hence, the competition is building up fast, bringing the price drastically down. While in 2013 LED bulbs were priced at $10, today you can get branded LED bulbs at a cost as low as $7.97. The trend will likely to continue in next year and in the years to come.
Due to the reducing price of LEDs, its market share is increasing—LED shipments increased from 9 million bulbs in 2011 to 45 million bulbs in 2013—which is 2.3% share of the whole general lighting market including CFL shipments.
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