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A LED lamp or LED light bulb is an electric light for use in light fixtures that produces light using light-emitting diode (LED). LED lamps have a lifespan up to 25 times longer than incandescent lamps, and are significantly more efficient than most fluorescent lamps, some LED chips able to emit up to 303 lumens per watt (as claimed by Cree and some other LED manufacturers). However, LED lamps require an electronic LED driver circuit when operated from mains power lines, and losses from this circuit mean the efficiency of the lamp is lower than the efficiency of the LED chips it uses. The most efficient commercially available LED lamps have efficiencies of 200 lumens per watt (lm/w). Commercially available LED chips have efficiencies of over 220 lm/w. 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.