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Recently, South Korea said that due to domestic companies' bold investment in TV products and optimistic global demand, South Korea has become the world's second largest LED producer in 2010. According to the Ministry of Knowledge Economy of Korea, the total sales of Korean LED manufacturers in 2010 exceeded 6.9 trillion won ($6.35 billion), twice the 2009 trillion won ($2.9 billion), three times that of 2007. 2.2 trillion won ($2.05 billion).
South Korea's Ministry of Knowledge Economy said that although it entered the LED market later, South Korea has come to the forefront in a short period of time, from the fourth place in the world in 2009 to the second place in the world, playing a pivotal role in the global LED market.
Since 2008, the Korean government has been supporting emerging industries to accelerate the penetration of LED lighting in the home, business and public sectors. According to the Ministry of Knowledge Economy, LED lighting accounts for 14% of the lighting systems of government departments and state-owned enterprises. In public institution lighting systems, LED lighting accounts for 8%. For traffic lights, more than 90% are LED lights.
In order to further promote the popularity of LED lighting, South Korea has introduced a subsidy policy for LED bulbs. The government plans to increase the LED lighting penetration rate to 60 by 2020, and will ban production and sales of incandescent lamps from 2014.