The global revenue generated by the LED industry is set to see growth in 2009 and could double by 2013, according to a market research company.
A report by iSuppli has indicated that international revenue from LEDs could reach $7.4 billion (£4.5 billion) for 2009, which would be a year-on-year increase of 10.9 per cent.
Jagdish Rebello, director and principal analyst at iSuppli, claimed that future growth could be driven by more customers adopting High Brightness and Ultra High Brightness LEDs in advanced lighting products.
He explained: "The LED industry is on the threshold of a new expansion phase - a phase that will be characterised by growth rated in the high double digits during the next three years."
The study suggested that the global revenue from the LED market could reach $14 billion by 2013.
This week, iSuppli predicted that 62.3 million people may have internet access while they are in their cars by the end of 2016.