LEDs can directly convert electricity into light, which is the product of the fourth human lighting revolution after fire, incandescent and fluorescent lamps. LED light source has the advantages of long service life, rich color and excellent energy saving performance. If 50% of Chinese lighting installations use LED lamps, the annual electricity consumption is equivalent to the power generation of two new Three Gorges power stations. With the global consensus on the development of a low-carbon economy, the LED industry will usher in valuable and rapid development opportunities with its performance advantages in the field of energy conservation and consumption reduction.
LED technology is widely used in outdoor lighting, architectural lighting, traffic lighting, indications, etc. due to its excellent performance in various aspects. It is also widely used in mobile phones, liquid crystal display (LCD) backlights and automotive lighting. Under the influence of the financial crisis, the global LED market in 2008 still increased slightly by 3% compared with 2007, reaching US$6.76 billion.
After the penetration rate of LED products for mobile phones tends to be stable, LCD backlights and LED lighting will be the main driving force for market growth. It is estimated that 81% of notebook computers will adopt LED backlight technology in 2010. In the field of LCD TVs and displays, LED products have begun to accelerate penetration.
The LED lighting market will also see explosive growth in the future, with a compound growth rate of 37% expected in 2007-2012.
The Chinese government has always attached great importance to energy conservation and consumption reduction and the development of a green economy. The “Ten Cities and Ten Thousand Cities†project carried out by the Ministry of Science and Technology marks that the domestic LED industry has ushered in the third rapid development opportunity. The market scale brought by the replacement of Chinese urban road lighting into LED street lights can reach tens of billions of yuan. At present, compared with the global leading level, China's LED enterprise core technology and production scale are relatively backward, but we believe that domestic enterprises can grasp the golden opportunity of semiconductor lighting market development with local advantages and cost advantages.
The world's top five LED companies have woven a rigorous patent network worldwide by developing their own core technology patents and guiding the direction of LED industry technology development. Domestic LED companies have encountered the "337 investigation" initiated by the US International Trade Commission on the protection of intellectual property rights last year, which has brought unfavorable factors to the development of the domestic LED industry. In addition, LED lighting products still need to break through in terms of performance indexes such as color rendering index and light extraction rate. Excessive product costs also constrain the development of the industry.
However, we believe that in the future, the LED industry will basically replicate the development history of the integrated circuit industry, that is, technology upgrades, cost reductions, and product penetration rates will continue to increase, thus setting the tone for the future development of the industry.
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