Press Release
Tower targets green energy sector; LED market expected to exceed $5 billion in 2012, an annual growth rate of 28% from 2008 - 2012
SUZHOU, China & MIGDAL HA'EMEK, Israel - 3PEAKIC Microelectronics Inc., a provider of high-end analog and mixed-signal electronic products, and Tower Semiconductor, Ltd. (Nasdaq:TSEM)(TASE:TSEM), a leading global specialty foundry, have announced Tower will manufacture 3PEAKIC's energy saving light emitting diode (LED) driver ICs used for backlight LED panels in handheld devices such as cell phones, PDAs and personal navigation devices (PNDs)..
LEDs present many advantages over traditional light sources including lower energy consumption, longer lifetime, and smaller size as well as faster switching, useful in communications technology. According to Strategies Unlimited, the LED lighting market is forecast to exceed $5 billion in 2012, corresponding to a compound annual growth rate (CAGR) of 28% from 2008 to 2012. In addition, during 2009, iSuppli reports that the LED market revenue growth is expected to outshine the overall semiconductor market.