It is estimated that the demand for general lighting LED area will increase 62 in 2014 and the LED penetration rate in the general lighting market in 2013 is expected to increase from 3-5 to 9 or so ( Based on the total lumen demand, the penetration rate can reach about 7 from the light bulb demand). FredricStahl, a UBS analyst who covers Osram and Philips, believes that the revenue from LED lighting products in 2013 has accounted for about 30% of the total lighting revenue of Osram and Philips. It is estimated that general lighting applications will account for of LED demand in 2013, and will increase to 42 in 2014 and 50 in 2015. In view of the recent rapid decline in LED bulb prices, our current estimate of LED penetration rate in 2014 may still have upward space (Lumen-based permeability).