LED market ready for accelerated growth in lighting, display backlights and automotive applications
The LED market reached $4.2 billion in 2006 and is set to emerge from its current state of low growth, according to Strategies Unlimited. Emerging applications including illumination will drive the market towards $9 billion by 2011, as Tim Whitaker reports.
Presenting his annual market review and forecast at the Strategies in Light conference in early February, Strategies Unlimited's Bob Steele said that the market will begin to move away from its current low-growth phase in the next 1-3 years, as new markets begin to emerge.
Steele said that the overall LED market grew by 6% year-on-year in 2006 to reach $4.2 billion. A similar rate of growth was seen between 2004 and 2005. Total LED shipments exceeded 30 billion units in 2006, having being less than 20 billion units in 2004.
This article was published in the March 2007 issue of LEDs Magazine.
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