Solid State Lighting
The lighting industry is in the early stages of a revolutionary technological shift. As human populations and energy prices soar, the lighting industry is pulled inexorably away from familiar but inefficient or poor color-quality lamps and towards higher efficiency, high color-quality lighting. This shift began in the mid 1990s when compact fluorescent lamps (CFLs) first appeared, but these sources were hampered by low color quality and unpleasant aesthetics. Although CFL prices are low and quality has improved over time, the CFL is really just an interim solution as solid-state lighting using GaN LEDs becomes more and more viable. Now it is safe to say that LED-based lighting will inherit the future, made possible by rapidly decreasing LED prices, ever-increasing efficiencies, and improved quality of light as measured by correlated color temperature (CCT) and color rendering index (CRI). The chart below shows the market expectation in luminaires and replacement lamps using LED technology. With a worldwide addressable market of approximately $100B, there is plenty of room for growth. Quantum Dot downconverters made by Pacific Light Technology will aid in this transition by providing higher efficiency and better CRIs simultaneously.
Although Solid-State Lighting is our focus, we recognize that there are other application areas in which we can participate. Chief among them are displays, biomedical tagging, and photovoltaics. We can pursue these markets after our SSL goals are achieved.