According to “Light-Emitting Diodes for Lighting Applications,” a recent technical market research report from BCC Research, the global market for light-emitting diodes (LEDs) was an estimated $5.4 billion in 2009. The market is expected to increase to $8.2 billion by 2014, for a five-year compound annual growth rate (CAGR) of 8.7%.

The second-largest segment of the market, display backlighting, is expected to reach nearly $1.6 billion by 2014 after increasing at a CAGR of 11.1% from the estimated 2009 value of $933 million. The automotive segment is estimated to have been worth nearly $267 million in 2009 and is expected to grow at a CAGR of 11.5% to reach more than $1.3 billion by 2014. General illumination is the fastest-growing segment, with a five-year CAGR of 16.4%. Its value was estimated at nearly $565 million in 2009 and is expected to grow to $1.2 billion in 2014.

A solid-state lighting initiative has been in place for 10 years and is targeted at replacing traditional lighting products, such as bulbs, with LEDs. High-brightness LEDs operate much more efficiently than traditional light bulb products. They use a fraction of the power needed for bulb technology, have much longer operating lifetimes, and contain no substances that will harm the environment. Different material structures are used to fabricate these devices, and their fabrication methods are unique.

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