China's LED Market Grows to Nearly $6 Billion
Aug 18, 2011
Though some LED markets seem to taking a turn for the worse, the Chinese LED Industry as done just the opposite. In fact, the country's LED market has gone up to $5.8 billion in 2011, 23% higher than last year's $4.7 million.
The reasons for this rapid success is in part due to the nation's further exploring LED applications as well as government support. The market forecast for next year is $6.9 billion growing to an estimated $11.1 billion by 2015, a five-year compound annual growth rate of 17.7%.
The success of this market is also believed to be owed to the huge markets that use LEDs, such as LCD (liquid crystal display) TVs and street lighting. There has also been a lot of recent investing in this industry, and the government's support does play a significant role. Street lighting is expected to be the biggest segment in the market, $1.5 billion to be exact, with TV and laptop displays estimated to grow to $1.8 billion by 2015.
While the market within the country itself is still relatively small compared to LED-driven countries like the US and Taiwan, the global demand for energy-efficient and eco-friendly will spur the industry in China. Though a possible reason for the lag in its own nation is due to lack of enough experienced teams and R&D engineers, the funding from "local and government sources" will help develop intrinsic LED use. Other government programs include tax breaks to encourage investing in the LED market. Overall, China is clearly focused on becoming a market giant in the LED industry and current trends show that it will succeed.
Author: Rebecca Milne
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