Why are LED Lights soo expensive?

I think that since It's a pool item so they get to command higher prices. Parts for airplanes have the same scam going on...a drive belt that you can buy at Tractor Supply for $7 will cost you $85 to be FAA "approved."
 
I get it's newer technology, but LEDs are getting super cheap now. Any reason these are still a ridiculous price, other than manufacturers just taking advantage of the lag in the market?

Just curious...

Specialized market,
Lack of standardization,
Low volume,
High failure rate and warranty costs
 
The problem with pool LED lights (in addition to all those stated above) is the light output power required. Recall that a typical incandescent/halogen pool butb is 250-500 watt - thats a lot of light output. 100 watt equivalent LEDs are common, 500 watt equivalent LEDs aren't.
 
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