Global and China's LED Industry Report 2009-10 says that the market for diodes will expand from revenues of $7 billion (£4.6 billion) last year to $10.7 billion in 2010, an increase of 52.8 per cent,
Furthermore, that figure is forecast to double over the next two years to reach $20.4 billion by 2012.
Indeed, Global and China - which produces a range of studies for different industries including automotive, military and healthcare - said it is "not unusual" for LEDs to be the most popular investment in electronics at the moment.
It cited the increased shipments of Metal-Organic Chemical Vapour Deposition equipment to the country for diode technology manufacturers to use in their production as a reflection of a "boom" in the sector.
One area that has enjoyed significant growth is LED backlights for notebooks, which is expected to have a rise in its share of the market from 60 per cent in 2008 to between 88 and 98 per cent by the end of this year.
