Stephen Montgomery, president of international business at Electronicast, pointed out that government-based initiatives in the US are leading to increased use of solid-state lighting, which is helping sales of the product.
In a market forecast report, the company predicted that global sales of HB-LEDs could triple between 2009 and 2015, rising from $4.9 billion (£3 billion) to $15.03 billion.
Mr Montgomerie stated: "We view this sector as a strong opportunity with increased usage of white LEDs, especially in headlamps in automobiles and accessory lighting in aircraft, trains, automobiles and even military applications."
He also highlighted the potential impact of state-initiated retrofitting projects, in which LED items are installed at a commercial and consumer level to reduce energy consumption.
In related news, Samsung and Luminus have collaborated to produce a LED-based front data projector, which they describe as an "affordable" device.
