A LED lamp or LED light bulb is an electric light for use in light fixtures that produces light using light-emitting diode (LED). LED lamps have a lifespan and electrical efficiency which are several times greater than incandescent lamps, and are significantly more efficient than most fluorescent lamps, with some chips able to emit more than 300 lumens per watt (as claimed by Cree and some other LED manufacturers). 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%. As of 2016, LEDs use only about 10% of the energy an incandescent lamp requires.
Similar to incandescent lamps and unlike most fluorescent lamps (e.g. tubes and compact fluorescent lamps or CFLs), LEDs come to full brightness without need for a warm-up time; the life of fluorescent lighting is also reduced by frequent switching on and off. The initial cost of LED is usually higher. Degradation of LED dye and packaging materials reduces light output to some extent over time.