Affected by the uncertain economic outlook, Taiwanese LED manufacturer Everlight’s business operations in 2016 lacked strong growth momentum, reported Taiwanese media UDN. Waning consumer consumption led to sliding revenues in the backlight market, which has neutralized lighting market growth. Even though the dwindling consumer market caused low order visibility, the company has tapped into new application markets that could boost revenue.

Despite slowing backlight and consumer electronic market demands, Everlight has added a new Korean TV client in 2016, and entered the VR application market. Additionally, automotive LEDs, and non-visible LED market will also help it deliver better performance than others in the industry.

Investment and market research institutes analyzed 1Q16 was a low season for Everlight, and projected its revenue would rebound in 2Q16. However, the company was conservative in its revenue outlook for second half of the year, and lowered revenue growth from 10% to single digits. Low global order visibility, and pressure to further lower prices led to the lower outlook. Overall, the company’s LED revenue growth was more stable than others in the industry, and most of its growth momentum stemmed from lighting components. The company projects its lighting revenue will keep double digit growth, once it begins to work on its new clients OEM orders.