Taiwan’s LED industry production value increased nearly 15% year-on-year during the first nine months of 2016, as more governments around the globe rolled out policies supporting environmental friendly businesses, said the Ministry of Economics Affair (MOEA) recently.

Local LED lighting industry total output reached NT$7.6 billion (US$238 million) for the first three quarters of the year, an increase of 14.8% compared to the same period last year, and amounted for 59.6% of the country’s lighting business total production value, based on statistics compiled by MOEA.

Substantial growth in the LED sector bolstered the output of the domestic lighting industry, which increased 5.3% YoY for the first three quarters of 2016 to NT $12.7 billion, statistics showed.

LED production value has grown for consecutive years since 2008, when the government started to record output data as consumers became more environmentally conscious, said the ministry.

Last year, the LED industry output reached NT $9.2 billion, soaring 56.2% of the local total lighting production value.

MOEA estimated this year’s revenue could break 2015 records, based on data compiled from the first nine months of 2016.

Growth in the LED sector indicated energy efficient lighting equipment was receiving support in the global market, evidently following price declines since 2010.

Taiwan manufactured 26.55 million LED lighting units for the first nine months of 2016, up 13.8% from the same period last year. About 74.6% of the produced units were exported, said MOEA.

The U.S. is the top buyer of Taiwan’s LED lighting products in the first 10 months of the year, importing US$172 million worth, based on data from Taiwan’s customs.

However, price declines in low-end LED lighting products pushed down the figure by 12.9% compared to the same period in 2015, the ministry added.

During the 10-month period, LED lighting exports to the U.S. reached 48.1% of Taiwan’s total exports, while noting exports reached 51.6% for the entire year of 2015, said MOEA.