There are several reasons that give the LED technology eminence in today’s world. The major ones are as follows.
LED based lighting is a novel sustainable solution to expected future energy crisis. It is a highly energy efficient lighting technology, that has the potential to fundamentally change the future of lighting. As an example of its energy saving prowess consider the following estimates; Residential LEDs -- especially ENERGY STAR rated products -- use at least 75% less energy, and last 25 times longer, than incandescent lighting. And by 2027, widespread use of LEDs could save about 348 TWh (compared to no LED use) of electricity; which is the equivalent annual electrical output of 44 large electric power plants, and a total savings of more than $30 billion at today's electricity prices.
Another reason is the rapidly evolving LED technology that makes it a viable option in multiple lighting applications. From indoor lighting needs (like kitchen counters, modular and task lighting etc) to outdoor lighting needs (like walkway, garage lighting etc) they cover all areas with equal efficiency. Compared to their traditional counterparts, LEDs are small and directional and hence can be harnessed according to requirement without wastage, also with enhanced manufacturing efficiency their costs are becoming economical and light on the budget.
Their other common advantages include being sturdier, durable and safe.