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Driven by government support and new applications, China's LED market will grow from 4.7 billion US dollars last year to 5.8 billion US dollars in 2011, an increase of 23.
Due to its wider use in LCD TVs and street lighting, LEDs have become a popular product in China and are an attractive investment area. In addition, the government's support for the industry seems to be producing results. China's LED market is expected to reach US$6.9 billion next year, reaching US$11.1 billion by 2015, and the compound annual growth rate for 2010-2015 is 17.7, as shown in the chart below.
The Chinese LED market covers a wide range of applications, including LED displays, traffic lights, car lights, LCD backlights, cell phone keypads, digital camera flashes, decorative lighting, street lights and general lighting.
Streetlights will be the largest application area, reaching $1.5 billion this year and expected to reach $1.8 billion in 2012. The LCD backlight market will also see strong growth due to the use of LEDs in large-size LCD TVs and notebooks. Sales in 2015 will increase from $713 million this year to $1.8 billion.
In the medium and long term, a new factor driving the growth of the LED industry will be the general lighting market. In view of the global trend of reducing carbon emissions, the demand for LEDs in China's general lighting sector will be very strong. LEDs have low power consumption and are environmentally friendly. According to data from IHSiSuppli, LED shipments in the general lighting sector will account for 15.5 of the total LED market this year.
Although LED is currently booming in China, compared with the United States and Taiwan, the LED industry in mainland China is still in its infancy. China is lagging behind in this area because of its backward technical capabilities and the lack of experienced managers and R&D engineers. In addition, China's lack of intellectual property rights in core links and upstream areas such as LED wafers is also a serious problem.
However, Chinese LED manufacturers are able to obtain sufficient funds from local and central governments, which will help domestic companies to occupy most of the Chinese LED market. To date, local governments have provided at least 70 subsidies for manufacturers to purchase MOCVD equipment, which is equivalent to a subsidy of about $1.5 million per machine. In addition, the government also provides tax and water and electricity concessions to encourage companies to invest in the domestic LED industry, which is also very attractive for local companies.