LED Lighting is probably one of the biggest and best inventions of the 21st century, even if technically very much of its development was a 20th Century type affair. The latter stages of LED Lighting’s development – the refinement, the transformation from a pipe dream came in the 21st Century, in very recent years. Nowadays, LED Rope Lights and LED Strip Lights are a very common sight to see.
LED Lighting now is far more affordable than what it ever was when it first hit the public in the 20th Century thanks to power manufacturers such as Panasonic, Sony, and OSRAM being insightful enough to view this technology as the future and thus investing their own funds into development and manufacture. As such, they lifted the LED Lighting Industry from Concept to a very real product.
It’s been a bumpy ride.
In the electronics industry it’s very well known that when something is brand new it’s often prohibitively expensive – as quite simply put, the manufacture route simply isn’t there.
In the case of new inventions, specialist machines have to be designed, constructed and built to be able to cope with producing large volumes of said product every single day, as well as quality procedures have to be established – not to mention sourcing materials and such.
There’s a lot of trial and error involved within the first stages of absolutely anything, and to purchase something immediately is known as being on the “bleeding edge”. Aptly named, this term is a step above “cutting edge” and as the name would imply, is often pretty painful – at least in regard to pricing for the consumer and investment from companies.
Hypothetically, should something not pay off (Does anyone remember the ill-fated minidisc from Sony?) it can be absolutely devastating to a company, but the rewards are gigantic for companies that invest in the right thing. As such, manufacturers are enjoying the fact that LED Lighting (in an unstable global market nonetheless, where estimates are extremely conservative) has shot up in a massive fashion since 2015, from $25bn to $30.5bn in 2016.
What does that mean for the consumer?
It means that LED Lighting is cheaper than ever for you and me, and some very real savings can be made now the risk of LED Lighting is no longer apparent to companies – and they can lower their prices thanks to increased supply, manufacture, and more importantly, competition now the way has been paved.