At present, in line with the advocacy of the green energy industry, LED and OLED technology has become one of the industries with the best growth potential, and the global LED and OLED market is getting bigger and bigger.
Market research firm SBI estimates that the global LED and OLED market today has more than $5 billion, with the US accounting for $1 billion. Compared with 2007, the growth rate is 50%. SBI further estimates that the global LED and OLED market will reach US$14 billion in 2013, while the US will reach a market size of US$3 billion.
LEDs are also more efficient at converting energy than traditional incandescent lamps. In general, LED conversion efficiency is 80%, while incandescent lamps are only 20%.
In the long run, the growing number of LED or OLED applications will eliminate the need to build too many power plants in many parts of the world, even as the global population grows and the demand for electricity increases. Because LEDs and OLEDs will be able to reduce the amount of electricity used by everyone and even users, once the popularity of LED lighting is higher, existing power plants are sufficient to meet demand.
One of the keys to hindering the popularity of LEDs and OLEDs today is cost. Once the price drops rapidly, perhaps the market size of LED and OLED will be larger and more popular.
Taiwan is now actively working to create the LED market. The Energy Bureau of the Ministry of Economic Affairs has budgeted NT$200-300 million. After the LED streetlight standard is set, the LED street lamp replacement plan will be launched. According to LEDinside estimates, the overall LED market in Taiwan will have a business opportunity of 40-500 billion yuan.
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