Despite concerns that there may be a slowdown in the industry, the company raised its forecast for growth in the LED market. In February this year, the same firm predicted that the market would grow by 52 per cent this year.
The company said it believed the market would grow to £11.6 billion by 2014, a compound annual growth of 27.8 per cent since last year. Strategies Unlimited’s Vrinda Bhandarkar said LED backlights for LCD TVs and monitors would be the biggest growth driver. However, he said the penetration of LEDs into the lighting market had also achieved substantial momentum, with outdoor lighting and replacement lamps expected to be the fastest-growing segments.
‘We expect this momentum to pick up speed in 2010, with a growth rate of 34 per cent compared to 31 per cent in 2009,’ Bhandarkar told the conference.