Osram lights growth path with LED products

German lighting company Osram GmBH is banking on China's growing demand for energy-efficient light-emitting diode products to provide the much-needed impetus for its growth in the country, a top company official said.

"China's lighting market is expected to maintain an annual growth rate of 10 percent, faster than any other country in the world," said Wolfgang Dehen, CEO of Osram GmbH. "It is not only the biggest single market for us today but also the world's largest lighting market with a significant growth potential in LED products."

Dehen, who is also the chairman of the managing board at the German company, said the general lighting market in China could have an estimated value of around 23 billion euros ($31.8 billion) by 2019, compared with 15 billion euros in 2013.