The global LED lighting market is increasing at a compound annual growth rate (CAGR) of 25.89% over 2014-2019, according to a report from TechNavio.

The new report 'Global LED Lighting Market 2015-2019' emphasizes the rapid decrease in LED prices that has accelerated demand for LED devices in the market. The decrease in price stems from massive R&D investment in LED chips and packages in China, which has resulted in brighter LED chips, says the market researrch firm.

"China is by far the market leader, and the growth of the LED lighting market in China will have a direct effect on the global market," notes TechNavio vice president Faisal Ghaus.

"The increasing penetration of LEDs in the lighting market mainly comes from the correction in the price of LEDs in recent years, which has accelerated the use of LEDs in numerous applications," says Ghaus.

The new report also draws attention to the ability of LEDs to provide high-quality and energy-efficient lighting, compared to existing lighting technologies, which has accelerated the demand for LEDs worldwide. The growing use of LEDs for lighting in a variety of industries will gain momentum during the forecast period, it is reckoned.