The global LED industry benefited from emerging lighting market demands, but the LED backlight industry has entered a mature plateau phase. Price wars intensified in mainstream LED chip and application sectors, turning into an overtly competitive red sea market. In 2015, global LED market value declined for the first time by 3% to US $14.33 billion, according to statistics compiled by LEDinside, a research division of Taipei-based market research institute TrendForce.