LED lighting manufacturer Cree Inc. said it will continue with further innovation and better products to beat its competition. The company is trying to make traditional lighting obsolete with its technological advancements and low-power LED light bulb priced at $10, according to 4-Traders.
Cree provided Los Angeles with more than half of the LED streetlights it recently installed. The company has also produced a light bulb with a 25,000 hour lifespan that saves users 84 percent on energy costs, the source stated. Cree Chief Executive Charles Swoboda said that he wants the company to produce a light bulb that is not only good for the environment but provides value to the customer by paying for itself.
"We have to keep innovating," Swoboda added. "We might have a great product but we have to invent a better one. We've got to give the customer better value."
A recent article by Clean Technica said the next great investment may be in LED lighting.
LED lighting systems have improved significantly in the last decade. Several lighting manufacturers have recorded significant growth over the past few years, including Cree, who recorded a more than 150 percent growth rate since 2007, the source stated. A drop in prices of LEDs is contributing to their growing popularity, and approximately $25 billion is estimated to be spent on LEDs by 2020.