The world LED market has experienced a surge in the recent past. What started as a luxurious niche segment in the market for architectural and ambient lighting has today established itself as the technology of the future for all applications. Yet the penetration of LED in the total lighting market remains low. Consumer demand remains strong only in the regions of the world that have taken active steps to implement a phase-out plan for incandescent lighting. Incandescent replacement is one of the key drivers for this market going forward. The market is concentrated in the hands of a few global participants. However, as the attractiveness of the market increases, it is expected new entrants will intensify the competition.