According to a report published in Electronics For You magazine, a flagship publication of EFY Group, the single factor that puts LED lighting out of the reach of masses today is the high initial cost.
 
Therefore, the dream of every player in the LED lighting industry today is to create a commercially-feasible LED lamp that is equivalent to a 60W incandescent bulb, saleable at a cost of $5 to $10.

The efficiency and light output of LEDs are increasing exponentially, effectively doubling every 36 months, in line with Moore's Law. LED efficiency, colour quality and life have all improved in the year gone by. LED technology now provides the basis for a broad spectrum of application-specific solutions for colour temperatures from 2700K to 6500K and various colour rendering index (CRI) values from 70 to 95. The lifetime has also improved significantly to more than 100,000 hours for white LEDs, bringing down maintenance and replacement costs significantly.

The report finds that overall the industry is very enthusiastic and teeming with innovations such as:
1.Omnidirectional LED lamps. Like the incandescent lamp, the LED must provide an illumination pattern on all sides, if it is to become a norm in general lighting. The omnidirectional LED technology appears to be a simple solution to provide a wide illumination pattern.
2.OLEDs, which promise to be thin, efficient and environment-friendly.
3.Smart designing, to provide an alternative to the traditional 'bulb' that would have a similar form factor and lumen output.
4.Remote phosphor technology, which is touted to be a solution to the cost-reduction dilemma.
5.Alternating-current LEDs, which can produce light output levels and efficacies of DC-LED assemblies, while eliminating the AC-to-DC converter and other electronic components that DC LEDs require.
6.Silicon-based manufacturing, which is being viewed by the companies as the ultimate path to lower the cost since silicon costs much less and is widely available.