And honestly led is still not very efficient as it can someday be. Although it is more efficient than other forms of lighting. Here is why I say this,
A modern, good-quality, high-brightness LED (HB LED) has an efficiency of around 45%. While this might not seem particularly impressive, when you compare it to a tungsten bulb, which has an efficiency below 5%, you can see that LEDs show a huge improvement. Another way of expressing efficiency is in efficacy or lumens per watt (lm/W). HB LEDs in volume production easily achieve 150 lm/W, and the industry has a roadmap to reach 200 lm/W by 2020. This may well be achieved as research and development devices exist that exceed 300 lm/W.
The problem with LEDs is the electrical energy that is not converted to photons is converted to heat. Put simply, in operation LEDs get hot. Heat and LEDs are not good bedfellows. Heat reduces the efficiency of LEDs, so less light is produced. This effect escalates, leading to catastrophic failure. Some heat is tolerable, but operation of the semiconductor much above 100°C noticeably reduces the quality of the light produced and triggers a variety of wear-out mechanisms that considerably shorten the life of an LED bulb.
Because the operating temperature of LEDs needs to be relatively close to ambient, the only effective means for removing heat is by conduction. The upshot of this is that HB LEDs need to be attached to a type of circuit board that is specially engineered to transport heat by conduction through to a heat sink. The various circuit board types are known by names including insulated metal substrates (IMS), metal core or clad printed-circuit boards (MCPCBs), and metal-in-board printed circuit boards (MIB PCBs).