As the global market for LED products continues to expand, a race has developed among manufacturers to come out with cheaper versions of LED light bulbs to capture a bigger chunk of the consumer market.

In early March, Cree introduced a line of low-cost LED bulbs to be sold at Home Depot .

One of the bulbs, a warm white 40W replacement model, sells for less than $10 at retail. That compares with $20 for some of the other lower-priced items. Cree's announcement was followed a month later by news that German lighting manufacturer Osram will launch its own 40 watt-equivalent The LED light bulb will sell for US $13.10.

The global LED market nearly tripled in size, from $5 billion in 2006 to $14 billion in 2012. Growth is expected to accelerate in coming years as key markets such as North America, Europe and China implement strategies to increase usage of LEDs, which require much less energy than traditional lighting sources.

The effort to sell lower priced LED bulbs has been hailed by analysts as an important breakthrough for the industry.