Speaking at the Strategies in Light event, Bob Steele, director of optoelectronics at Strategies Unlimited, said that backlighting applications are leading the industry.
During his sector forecast presentation, the expert predicted that there will be a 53 per cent surge in the LED market in 2010, which will bring revenue to $8.2 billion (£5.2 billion).
According to LEDs Magazine, Mr Steele thinks that 2014 results will be even better and the publication quoted him as saying: "We have not ever seen this type of growth in this market."
His discussion also looked back at 2009 and although Strategies Unlimited expected a decline in the market last year, the LED sector actually rose by five per cent, the news provider reported.
Meanwhile, Timothy Lutts, chief investment strategist and editor of Cabot's Stock of the Month report, recently stated that he is looking forward to a time when LED bulbs become more commonplace.
