An LED lamp is a light-emitting diode (LED) product which is assembled into a lamp (or light bulb) for use in lighting fixtures. 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.