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Falling LED prices and a reduced demand for LED-backlit TVs will result in a slower growth rate for LED revenues this year compared with 2010, according to Strategies Unlimited. The high-brightness LED market is projected to grow by 9.8% year-on-year in 2011, reaching $12.3 billion in revenues. LED revenues grew by a remarkable 108% to $11.2 billion in 2010, propelled by applications in TV backlight units. However, expanding supply and a slowdown in overall TV demand in 2011 led to a drastic drop in LED prices, and a slower rate of growth in total revenues. LED revenue is expected to peak in 2014 at $16.2B and then fall to $15.3 B in 2015. The dip in revenues will be temporary, as lighting will take over as the engine for growth after 2015. Revenues of LEDs for lighting will see compound growth of 33% over the period.