The Chinese LED industry restructure is only starting as product prices fall dramatically, a Nandu.com report cited Elec-Tech International (ETI) Chairman Donglei Wang saying at the recent 2014 Guangzhou International Lighting Show.

LED lighting prices annual 25% decline to speed up consumer market adoption

Mature LED technology and manufacturing methods led to an annual 25 percent LED product price fall in China this year, noted Wang. Compared to 2013, prices for same types of LED products fell 30 percent in 2014, bringing retail prices close to CFL. The ETI Chairman projected LED lamps retail prices will drop below CFL by 2015 to 2016. Residential LED lighting market size is expected to become five times larger than commercial lighting.

Emerging smart lighting network makes it easier to transmit data

Globally, Philips has been the first to propose comprehensive smart lighting networks solutions for residential, office, commercial and city lighting applications. In the future, smart lighting networks can completely integrate LED lighting systems with smart controls, Internet, end terminal devices such as smartphones, and related software apps. Lighting will be able to transfer data and important messages in the future.

Philips smart lighting developments might be preparing ahead for future industry trends. According to Wang, globally mobile networks and LED industry will see fastest growth in the future.